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Mega Millions Annuity Jackpot Analysis for Pennsylvania

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $74,000,000 would be for a resident of Pennsylvania, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Pennsylvania

Drawing Date:  Tue, Sep 1, 2015
Jackpot:$74,000,000
Federal Tax:  25%
State Tax:No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,113,806$278,452$0$835,355
2$1,169,497$292,374$0$877,122
3$1,227,971$306,993$0$920,978
4$1,289,370$322,342$0$967,027
5$1,353,838$338,460$0$1,015,379
6$1,421,530$355,383$0$1,066,148
7$1,492,607$373,152$0$1,119,455
8$1,567,237$391,809$0$1,175,428
9$1,645,599$411,400$0$1,234,199
10$1,727,879$431,970$0$1,295,909
11$1,814,273$453,568$0$1,360,705
12$1,904,987$476,247$0$1,428,740
13$2,000,236$500,059$0$1,500,177
14$2,100,248$525,062$0$1,575,186
15$2,205,260$551,315$0$1,653,945
16$2,315,523$578,881$0$1,736,642
17$2,431,299$607,825$0$1,823,474
18$2,552,864$638,216$0$1,914,648
19$2,680,507$670,127$0$2,010,381
20$2,814,533$703,633$0$2,110,900
21$2,955,259$738,815$0$2,216,445
22$3,103,022$775,756$0$2,327,267
23$3,258,174$814,543$0$2,443,630
24$3,421,082$855,271$0$2,565,812
25$3,592,136$898,034$0$2,694,102
26$3,771,743$942,936$0$2,828,807
27$3,960,330$990,083$0$2,970,248
28$4,158,347$1,039,587$0$3,118,760
29$4,366,264$1,091,566$0$3,274,698
30$4,584,577$1,146,144$0$3,438,433
Total$74,000,000$18,500,000$0$55,500,000
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