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Mega Millions Annuity Jackpot Analysis for Pennsylvania (Jul. 31, 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 $22,000,000 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. 31, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$10,166$241,494
2$347,688$83,445$10,674$253,569
3$365,073$87,617$11,208$266,247
4$383,326$91,998$11,768$279,560
5$402,492$96,598$12,357$293,538
6$422,617$101,428$12,974$308,215
7$443,748$106,500$13,623$323,625
8$465,935$111,824$14,304$339,807
9$489,232$117,416$15,019$356,797
10$513,694$123,287$15,770$374,637
11$539,378$129,451$16,559$393,369
12$566,347$135,923$17,387$413,037
13$594,665$142,720$18,256$433,689
14$624,398$149,856$19,169$455,373
15$655,618$157,348$20,127$478,142
16$688,399$165,216$21,134$502,049
17$722,819$173,476$22,191$527,152
18$758,960$182,150$23,300$553,509
19$796,908$191,258$24,465$581,185
20$836,753$200,821$25,688$610,244
21$878,591$210,862$26,973$640,756
22$922,520$221,405$28,321$672,794
23$968,646$232,475$29,737$706,434
24$1,017,078$244,099$31,224$741,755
25$1,067,932$256,304$32,786$778,843
26$1,121,329$269,119$34,425$817,785
27$1,177,395$282,575$36,146$858,675
28$1,236,265$296,704$37,953$901,608
29$1,298,079$311,539$39,851$946,689
30$1,362,982$327,116$41,844$994,023
Total$22,000,000$5,280,000$675,400$16,044,600
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