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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 $31,000,000 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:  Fri, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$14,324$340,287
2$489,924$117,582$15,041$357,302
3$514,420$123,461$15,793$375,167
4$540,141$129,634$16,582$393,925
5$567,149$136,116$17,411$413,621
6$595,506$142,921$18,282$434,302
7$625,281$150,068$19,196$456,018
8$656,545$157,571$20,156$478,818
9$689,373$165,449$21,164$502,759
10$723,841$173,722$22,222$527,897
11$760,033$182,408$23,333$554,292
12$798,035$191,528$24,500$582,007
13$837,937$201,105$25,725$611,107
14$879,834$211,160$27,011$641,663
15$923,825$221,718$28,361$673,746
16$970,016$232,804$29,780$707,433
17$1,018,517$244,444$31,268$742,805
18$1,069,443$256,666$32,832$779,945
19$1,122,915$269,500$34,473$818,942
20$1,179,061$282,975$36,197$859,889
21$1,238,014$297,123$38,007$902,884
22$1,299,915$311,980$39,907$948,028
23$1,364,911$327,579$41,903$995,429
24$1,433,156$343,957$43,998$1,045,201
25$1,504,814$361,155$46,198$1,097,461
26$1,580,055$379,213$48,508$1,152,334
27$1,659,057$398,174$50,933$1,209,950
28$1,742,010$418,082$53,480$1,270,448
29$1,829,111$438,987$56,154$1,333,970
30$1,920,566$460,936$58,961$1,400,669
Total$31,000,000$7,440,000$951,700$22,608,300
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