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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 $15,000,000 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, Jul 26, 2016
Jackpot:$15,000,000
Federal Tax:  25%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$225,772$56,443$6,931$162,397
2$237,060$59,265$7,278$170,517
3$248,913$62,228$7,642$179,043
4$261,359$65,340$8,024$187,995
5$274,427$68,607$8,425$197,395
6$288,148$72,037$8,846$207,265
7$302,555$75,639$9,288$217,628
8$317,683$79,421$9,753$228,510
9$333,567$83,392$10,241$239,935
10$350,246$87,561$10,753$251,932
11$367,758$91,940$11,290$264,528
12$386,146$96,536$11,855$277,755
13$405,453$101,363$12,447$291,643
14$425,726$106,431$13,070$306,225
15$447,012$111,753$13,723$321,536
16$469,363$117,341$14,409$337,613
17$492,831$123,208$15,130$354,493
18$517,472$129,368$15,886$372,218
19$543,346$135,837$16,681$390,829
20$570,513$142,628$17,515$410,370
21$599,039$149,760$18,390$430,889
22$628,991$157,248$19,310$452,433
23$660,441$165,110$20,276$475,055
24$693,463$173,366$21,289$498,808
25$728,136$182,034$22,354$523,748
26$764,543$191,136$23,471$549,935
27$802,770$200,692$24,645$577,432
28$842,908$210,727$25,877$606,304
29$885,054$221,263$27,171$636,619
30$929,306$232,327$28,530$668,450
Total$15,000,000$3,750,000$460,500$10,789,500
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