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Mega Millions Annuity Jackpot Analysis for Pennsylvania (Apr. 3, 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 $121,000,000 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. 3, 2020
Jackpot:$121,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,821,224$437,094$55,912$1,328,218
2$1,912,285$458,948$58,707$1,394,629
3$2,007,899$481,896$61,643$1,464,361
4$2,108,294$505,991$64,725$1,537,579
5$2,213,709$531,290$67,961$1,614,458
6$2,324,394$557,855$71,359$1,695,181
7$2,440,614$585,747$74,927$1,779,940
8$2,562,645$615,035$78,673$1,868,937
9$2,690,777$645,786$82,607$1,962,384
10$2,825,316$678,076$86,737$2,060,503
11$2,966,581$711,980$91,074$2,163,528
12$3,114,911$747,579$95,628$2,271,704
13$3,270,656$784,957$100,409$2,385,289
14$3,434,189$824,205$105,430$2,504,554
15$3,605,898$865,416$110,701$2,629,782
16$3,786,193$908,686$116,236$2,761,271
17$3,975,503$954,121$122,048$2,899,334
18$4,174,278$1,001,827$128,150$3,044,301
19$4,382,992$1,051,918$134,558$3,196,516
20$4,602,141$1,104,514$141,286$3,356,342
21$4,832,248$1,159,740$148,350$3,524,159
22$5,073,861$1,217,727$155,768$3,700,367
23$5,327,554$1,278,613$163,556$3,885,385
24$5,593,932$1,342,544$171,734$4,079,654
25$5,873,628$1,409,671$180,320$4,283,637
26$6,167,310$1,480,154$189,336$4,497,819
27$6,475,675$1,554,162$198,803$4,722,710
28$6,799,459$1,631,870$208,743$4,958,845
29$7,139,432$1,713,464$219,181$5,206,788
30$7,496,404$1,799,137$230,140$5,467,127
Total$121,000,000$29,040,000$3,714,700$88,245,300
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