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Mega Millions Annuity Jackpot Analysis for Pennsylvania (Jul. 28, 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 $20,000,000 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$9,242$219,540
2$316,080$75,859$9,704$230,517
3$331,884$79,652$10,189$242,043
4$348,478$83,635$10,698$254,145
5$365,902$87,817$11,233$266,853
6$384,197$92,207$11,795$280,195
7$403,407$96,818$12,385$294,205
8$423,578$101,659$13,004$308,915
9$444,757$106,742$13,654$324,361
10$466,994$112,079$14,337$340,579
11$490,344$117,683$15,054$357,608
12$514,861$123,567$15,806$375,488
13$540,604$129,745$16,597$394,263
14$567,635$136,232$17,426$413,976
15$596,016$143,044$18,298$434,675
16$625,817$150,196$19,213$456,408
17$657,108$157,706$20,173$479,229
18$689,963$165,591$21,182$503,190
19$724,461$173,871$22,241$528,350
20$760,685$182,564$23,353$554,767
21$798,719$191,693$24,521$582,506
22$838,655$201,277$25,747$611,631
23$880,587$211,341$27,034$642,212
24$924,617$221,908$28,386$674,323
25$970,848$233,003$29,805$708,039
26$1,019,390$244,654$31,295$743,441
27$1,070,360$256,886$32,860$780,613
28$1,123,878$269,731$34,503$819,644
29$1,180,071$283,217$36,228$860,626
30$1,239,075$297,378$38,040$903,657
Total$20,000,000$4,800,000$614,000$14,586,000
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