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Mega Millions Annuity Jackpot Analysis for Pennsylvania (Oct. 16, 2018 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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$308,207$7,321,667
2$10,541,273$2,529,905$323,617$7,687,750
3$11,068,336$2,656,401$339,798$8,072,137
4$11,621,753$2,789,221$356,788$8,475,745
5$12,202,840$2,928,682$374,627$8,899,531
6$12,812,983$3,075,116$393,359$9,344,508
7$13,453,632$3,228,872$413,027$9,811,734
8$14,126,314$3,390,315$433,678$10,302,321
9$14,832,629$3,559,831$455,362$10,817,437
10$15,574,261$3,737,823$478,130$11,358,308
11$16,352,974$3,924,714$502,036$11,926,224
12$17,170,622$4,120,949$527,138$12,522,535
13$18,029,153$4,326,997$553,495$13,148,662
14$18,930,611$4,543,347$581,170$13,806,095
15$19,877,142$4,770,514$610,228$14,496,399
16$20,870,999$5,009,040$640,740$15,221,220
17$21,914,548$5,259,492$672,777$15,982,280
18$23,010,276$5,522,466$706,415$16,781,394
19$24,160,790$5,798,590$741,736$17,620,464
20$25,368,829$6,088,519$778,823$18,501,487
21$26,637,271$6,392,945$817,764$19,426,561
22$27,969,134$6,712,592$858,652$20,397,890
23$29,367,591$7,048,222$901,585$21,417,784
24$30,835,970$7,400,633$946,664$22,488,673
25$32,377,769$7,770,665$993,998$23,613,107
26$33,996,658$8,159,198$1,043,697$24,793,763
27$35,696,491$8,567,158$1,095,882$26,033,451
28$37,481,315$8,995,516$1,150,676$27,335,123
29$39,355,381$9,445,291$1,208,210$28,701,879
30$41,323,150$9,917,556$1,268,621$30,136,973
Total$667,000,001$160,080,000$20,476,900$486,443,101
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