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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 $118,000,000 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, Apr 29, 2016
Jackpot:$118,000,000
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$1,776,069$444,017$0$1,332,052
2$1,864,873$466,218$0$1,398,655
3$1,958,116$489,529$0$1,468,587
4$2,056,022$514,006$0$1,542,017
5$2,158,823$539,706$0$1,619,118
6$2,266,765$566,691$0$1,700,073
7$2,380,103$595,026$0$1,785,077
8$2,499,108$624,777$0$1,874,331
9$2,624,063$656,016$0$1,968,048
10$2,755,266$688,817$0$2,066,450
11$2,893,030$723,257$0$2,169,772
12$3,037,681$759,420$0$2,278,261
13$3,189,565$797,391$0$2,392,174
14$3,349,044$837,261$0$2,511,783
15$3,516,496$879,124$0$2,637,372
16$3,692,321$923,080$0$2,769,240
17$3,876,937$969,234$0$2,907,702
18$4,070,783$1,017,696$0$3,053,088
19$4,274,323$1,068,581$0$3,205,742
20$4,488,039$1,122,010$0$3,366,029
21$4,712,441$1,178,110$0$3,534,331
22$4,948,063$1,237,016$0$3,711,047
23$5,195,466$1,298,866$0$3,896,599
24$5,455,239$1,363,810$0$4,091,429
25$5,728,001$1,432,000$0$4,296,001
26$6,014,401$1,503,600$0$4,510,801
27$6,315,121$1,578,780$0$4,736,341
28$6,630,877$1,657,719$0$4,973,158
29$6,962,421$1,740,605$0$5,221,816
30$7,310,542$1,827,636$0$5,482,907
Total$118,000,000$29,500,000$0$88,500,000
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