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Mega Millions Annuity Jackpot Analysis for Pennsylvania (Jan. 8, 2019 Drawing)

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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 $45,000,000 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:  Jan. 8, 2019
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$20,794$493,966
2$711,180$170,683$21,833$518,664
3$746,739$179,217$22,925$544,597
4$784,076$188,178$24,071$571,827
5$823,280$197,587$25,275$600,418
6$864,444$207,467$26,538$630,439
7$907,666$217,840$27,865$661,961
8$953,050$228,732$29,259$695,059
9$1,000,702$240,169$30,722$729,812
10$1,050,737$252,177$32,258$766,303
11$1,103,274$264,786$33,871$804,618
12$1,158,438$278,025$35,564$844,849
13$1,216,360$291,926$37,342$887,091
14$1,277,178$306,523$39,209$931,446
15$1,341,037$321,849$41,170$978,018
16$1,408,088$337,941$43,228$1,026,919
17$1,478,493$354,838$45,390$1,078,265
18$1,552,417$372,580$47,659$1,132,178
19$1,630,038$391,209$50,042$1,188,787
20$1,711,540$410,770$52,544$1,248,226
21$1,797,117$431,308$55,171$1,310,638
22$1,886,973$452,874$57,930$1,376,169
23$1,981,322$475,517$60,827$1,444,978
24$2,080,388$499,293$63,868$1,517,227
25$2,184,407$524,258$67,061$1,593,088
26$2,293,628$550,471$70,414$1,672,743
27$2,408,309$577,994$73,935$1,756,380
28$2,528,724$606,894$77,632$1,844,199
29$2,655,161$637,239$81,513$1,936,409
30$2,787,919$669,100$85,589$2,033,229
Total$45,000,000$10,800,000$1,381,500$32,818,500
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