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Mega Millions Annuity Jackpot Analysis for Pennsylvania (Dec. 21, 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$140,934$3,347,989
2$4,820,222$1,156,853$147,981$3,515,388
3$5,061,233$1,214,696$155,380$3,691,157
4$5,314,295$1,275,431$163,149$3,875,715
5$5,580,009$1,339,202$171,306$4,069,501
6$5,859,010$1,406,162$179,872$4,272,976
7$6,151,961$1,476,471$188,865$4,486,625
8$6,459,559$1,550,294$198,308$4,710,956
9$6,782,537$1,627,809$208,224$4,946,504
10$7,121,663$1,709,199$218,635$5,193,829
11$7,477,747$1,794,659$229,567$5,453,521
12$7,851,634$1,884,392$241,045$5,726,197
13$8,244,216$1,978,612$253,097$6,012,506
14$8,656,426$2,077,542$265,752$6,313,132
15$9,089,248$2,181,419$279,040$6,628,788
16$9,543,710$2,290,490$292,992$6,960,228
17$10,020,895$2,405,015$307,641$7,308,239
18$10,521,940$2,525,266$323,024$7,673,651
19$11,048,037$2,651,529$339,175$8,057,334
20$11,600,439$2,784,105$356,133$8,460,200
21$12,180,461$2,923,311$373,940$8,883,210
22$12,789,484$3,069,476$392,637$9,327,371
23$13,428,958$3,222,950$412,269$9,793,739
24$14,100,406$3,384,097$432,882$10,283,426
25$14,805,427$3,553,302$454,527$10,797,598
26$15,545,698$3,730,968$477,253$11,337,478
27$16,322,983$3,917,516$501,116$11,904,351
28$17,139,132$4,113,392$526,171$12,499,569
29$17,996,089$4,319,061$552,480$13,124,547
30$18,895,893$4,535,014$580,104$13,780,775
Total$305,000,001$73,200,000$9,363,500$222,436,500
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