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Mega Millions Annuity Jackpot Analysis for Tennessee (Oct. 26, 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 $40,000,000 would be for a resident of Tennessee, 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:

Tennessee

Drawing Date:  Oct. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$0$457,564
2$632,160$151,718$0$480,442
3$663,768$159,304$0$504,464
4$696,957$167,270$0$529,687
5$731,805$175,633$0$556,171
6$768,395$184,415$0$583,980
7$806,815$193,635$0$613,179
8$847,155$203,317$0$643,838
9$889,513$213,483$0$676,030
10$933,989$224,157$0$709,831
11$980,688$235,365$0$745,323
12$1,029,722$247,133$0$782,589
13$1,081,209$259,490$0$821,719
14$1,135,269$272,465$0$862,804
15$1,192,032$286,088$0$905,945
16$1,251,634$300,392$0$951,242
17$1,314,216$315,412$0$998,804
18$1,379,927$331,182$0$1,048,744
19$1,448,923$347,742$0$1,101,181
20$1,521,369$365,129$0$1,156,241
21$1,597,438$383,385$0$1,214,053
22$1,677,309$402,554$0$1,274,755
23$1,761,175$422,682$0$1,338,493
24$1,849,234$443,816$0$1,405,418
25$1,941,695$466,007$0$1,475,688
26$2,038,780$489,307$0$1,549,473
27$2,140,719$513,773$0$1,626,947
28$2,247,755$539,461$0$1,708,294
29$2,360,143$566,434$0$1,793,708
30$2,478,150$594,756$0$1,883,394
Total$40,000,000$9,600,000$0$30,400,000
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