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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 $85,000,000 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, Apr 28, 2015
Jackpot:$85,000,000
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$1,279,372$319,843$0$959,529
2$1,343,341$335,835$0$1,007,505
3$1,410,508$352,627$0$1,057,881
4$1,481,033$370,258$0$1,110,775
5$1,555,085$388,771$0$1,166,313
6$1,632,839$408,210$0$1,224,629
7$1,714,481$428,620$0$1,285,861
8$1,800,205$450,051$0$1,350,154
9$1,890,215$472,554$0$1,417,661
10$1,984,726$496,181$0$1,488,544
11$2,083,962$520,991$0$1,562,972
12$2,188,160$547,040$0$1,641,120
13$2,297,568$574,392$0$1,723,176
14$2,412,447$603,112$0$1,809,335
15$2,533,069$633,267$0$1,899,802
16$2,659,723$664,931$0$1,994,792
17$2,792,709$698,177$0$2,094,531
18$2,932,344$733,086$0$2,199,258
19$3,078,961$769,740$0$2,309,221
20$3,232,909$808,227$0$2,424,682
21$3,394,555$848,639$0$2,545,916
22$3,564,282$891,071$0$2,673,212
23$3,742,497$935,624$0$2,806,872
24$3,929,621$982,405$0$2,947,216
25$4,126,102$1,031,526$0$3,094,577
26$4,332,408$1,083,102$0$3,249,306
27$4,549,028$1,137,257$0$3,411,771
28$4,776,479$1,194,120$0$3,582,360
29$5,015,303$1,253,826$0$3,761,478
30$5,266,069$1,316,517$0$3,949,551
Total$85,000,000$21,250,000$0$63,750,000
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