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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 $25,000,000 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, Jul 31, 2015
Jackpot:$25,000,000
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$376,286$94,071$0$282,214
2$395,100$98,775$0$296,325
3$414,855$103,714$0$311,141
4$435,598$108,899$0$326,698
5$457,378$114,344$0$343,033
6$480,247$120,062$0$360,185
7$504,259$126,065$0$378,194
8$529,472$132,368$0$397,104
9$555,946$138,986$0$416,959
10$583,743$145,936$0$437,807
11$612,930$153,233$0$459,698
12$643,577$160,894$0$482,682
13$675,755$168,939$0$506,817
14$709,543$177,386$0$532,157
15$745,020$186,255$0$558,765
16$782,271$195,568$0$586,703
17$821,385$205,346$0$616,039
18$862,454$215,614$0$646,841
19$905,577$226,394$0$679,183
20$950,856$237,714$0$713,142
21$998,398$249,600$0$748,799
22$1,048,318$262,080$0$786,239
23$1,100,734$275,184$0$825,551
24$1,155,771$288,943$0$866,828
25$1,213,560$303,390$0$910,170
26$1,274,238$318,559$0$955,678
27$1,337,949$334,487$0$1,003,462
28$1,404,847$351,212$0$1,053,635
29$1,475,089$368,772$0$1,106,317
30$1,548,844$387,211$0$1,161,633
Total$25,000,000$6,250,000$0$18,750,000
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