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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 $84,000,000 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, Aug 30, 2016
Jackpot:$84,000,000
Federal Tax:  25%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,264,321$316,080$38,815$909,426
2$1,327,537$331,884$40,755$954,897
3$1,393,913$348,478$42,793$1,002,642
4$1,463,609$365,902$44,933$1,052,774
5$1,536,789$384,197$47,179$1,105,413
6$1,613,629$403,407$49,538$1,160,683
7$1,694,310$423,578$52,015$1,218,718
8$1,779,026$444,757$54,616$1,279,653
9$1,867,977$466,994$57,347$1,343,636
10$1,961,376$490,344$60,214$1,410,818
11$2,059,445$514,861$63,225$1,481,359
12$2,162,417$540,604$66,386$1,555,427
13$2,270,538$567,635$69,706$1,633,198
14$2,384,065$596,016$73,191$1,714,858
15$2,503,268$625,817$76,850$1,800,601
16$2,628,432$657,108$80,693$1,890,631
17$2,759,853$689,963$84,727$1,985,162
18$2,897,846$724,461$88,964$2,084,421
19$3,042,738$760,685$93,412$2,188,642
20$3,194,875$798,719$98,083$2,298,074
21$3,354,619$838,655$102,987$2,412,977
22$3,522,350$880,587$108,136$2,533,626
23$3,698,467$924,617$113,543$2,660,307
24$3,883,391$970,848$119,220$2,793,323
25$4,077,560$1,019,390$125,181$2,932,989
26$4,281,438$1,070,360$131,440$3,079,638
27$4,495,510$1,123,878$138,012$3,233,620
28$4,720,286$1,180,071$144,913$3,395,301
29$4,956,300$1,239,075$152,158$3,565,066
30$5,204,115$1,301,029$159,766$3,743,320
Total$84,000,000$21,000,000$2,578,800$60,421,200
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