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Mega Millions Annuity Jackpot Analysis for Pennsylvania (Nov. 6, 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 $70,000,000 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:  Nov. 6, 2018
Jackpot:$70,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$252,864$32,346$768,391
2$1,106,280$265,507$33,963$806,810
3$1,161,594$278,783$35,661$847,151
4$1,219,674$292,722$37,444$889,508
5$1,280,658$307,358$39,316$933,984
6$1,344,691$322,726$41,282$980,683
7$1,411,925$338,862$43,346$1,029,717
8$1,482,522$355,805$45,513$1,081,203
9$1,556,648$373,595$47,789$1,135,263
10$1,634,480$392,275$50,179$1,192,026
11$1,716,204$411,889$52,687$1,251,628
12$1,802,014$432,483$55,322$1,314,209
13$1,892,115$454,108$58,088$1,379,920
14$1,986,721$476,813$60,992$1,448,915
15$2,086,057$500,654$64,042$1,521,361
16$2,190,360$525,686$67,244$1,597,429
17$2,299,878$551,971$70,606$1,677,301
18$2,414,872$579,569$74,137$1,761,166
19$2,535,615$608,548$77,843$1,849,224
20$2,662,396$638,975$81,736$1,941,685
21$2,795,516$670,924$85,822$2,038,770
22$2,935,291$704,470$90,113$2,140,708
23$3,082,056$739,693$94,619$2,247,743
24$3,236,159$776,678$99,350$2,360,131
25$3,397,967$815,512$104,318$2,478,137
26$3,567,865$856,288$109,533$2,602,044
27$3,746,258$899,102$115,010$2,732,146
28$3,933,571$944,057$120,761$2,868,754
29$4,130,250$991,260$126,799$3,012,191
30$4,336,762$1,040,823$133,139$3,162,801
Total$70,000,000$16,800,000$2,149,000$51,051,000
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