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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 $80,000,000 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, Feb 9, 2016
Jackpot:$80,000,000
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$1,204,115$301,029$0$903,086
2$1,264,321$316,080$0$948,240
3$1,327,537$331,884$0$995,652
4$1,393,913$348,478$0$1,045,435
5$1,463,609$365,902$0$1,097,707
6$1,536,790$384,197$0$1,152,592
7$1,613,629$403,407$0$1,210,222
8$1,694,310$423,578$0$1,270,733
9$1,779,026$444,757$0$1,334,270
10$1,867,977$466,994$0$1,400,983
11$1,961,376$490,344$0$1,471,032
12$2,059,445$514,861$0$1,544,584
13$2,162,417$540,604$0$1,621,813
14$2,270,538$567,635$0$1,702,904
15$2,384,065$596,016$0$1,788,049
16$2,503,268$625,817$0$1,877,451
17$2,628,432$657,108$0$1,971,324
18$2,759,853$689,963$0$2,069,890
19$2,897,846$724,461$0$2,173,384
20$3,042,738$760,685$0$2,282,054
21$3,194,875$798,719$0$2,396,156
22$3,354,619$838,655$0$2,515,964
23$3,522,350$880,587$0$2,641,762
24$3,698,467$924,617$0$2,773,850
25$3,883,391$970,848$0$2,912,543
26$4,077,560$1,019,390$0$3,058,170
27$4,281,438$1,070,360$0$3,211,079
28$4,495,510$1,123,878$0$3,371,633
29$4,720,286$1,180,071$0$3,540,214
30$4,956,300$1,239,075$0$3,717,225
Total$80,000,000$20,000,000$0$60,000,000
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