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Mega Millions Annuity Jackpot Analysis for Pennsylvania (Apr. 14, 2020 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 $145,000,000 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:  Apr. 14, 2020
Jackpot:$145,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,182,458$523,790$67,001$1,591,667
2$2,291,581$549,979$70,352$1,671,250
3$2,406,160$577,478$73,869$1,754,812
4$2,526,468$606,352$77,563$1,842,553
5$2,652,791$636,670$81,441$1,934,681
6$2,785,431$668,503$85,513$2,031,415
7$2,924,703$701,929$89,788$2,132,986
8$3,070,938$737,025$94,278$2,239,635
9$3,224,485$773,876$98,992$2,351,617
10$3,385,709$812,570$103,941$2,469,197
11$3,554,994$853,199$109,138$2,592,657
12$3,732,744$895,859$114,595$2,722,290
13$3,919,381$940,651$120,325$2,858,405
14$4,115,350$987,684$126,341$3,001,325
15$4,321,118$1,037,068$132,658$3,151,391
16$4,537,174$1,088,922$139,291$3,308,961
17$4,764,032$1,143,368$146,256$3,474,409
18$5,002,234$1,200,536$153,569$3,648,129
19$5,252,346$1,260,563$161,247$3,830,536
20$5,514,963$1,323,591$169,309$4,022,062
21$5,790,711$1,389,771$177,775$4,223,166
22$6,080,247$1,459,259$186,664$4,434,324
23$6,384,259$1,532,222$195,997$4,656,040
24$6,703,472$1,608,833$205,797$4,888,842
25$7,038,645$1,689,275$216,086$5,133,284
26$7,390,578$1,773,739$226,891$5,389,948
27$7,760,107$1,862,426$238,235$5,659,446
28$8,148,112$1,955,547$250,147$5,942,418
29$8,555,518$2,053,324$262,654$6,239,539
30$8,983,293$2,155,990$275,787$6,551,516
Total$145,000,000$34,800,000$4,451,500$105,748,500
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