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Mega Millions Annuity Jackpot Analysis for Tennessee (May. 25, 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 $73,000,000 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:  May. 25, 2018
Jackpot:$73,000,000
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$1,098,755$263,701$0$835,054
2$1,153,693$276,886$0$876,806
3$1,211,377$290,731$0$920,647
4$1,271,946$305,267$0$966,679
5$1,335,543$320,530$0$1,015,013
6$1,402,320$336,557$0$1,065,764
7$1,472,436$353,385$0$1,119,052
8$1,546,058$371,054$0$1,175,004
9$1,623,361$389,607$0$1,233,755
10$1,704,529$409,087$0$1,295,442
11$1,789,756$429,541$0$1,360,214
12$1,879,244$451,018$0$1,428,225
13$1,973,206$473,569$0$1,499,636
14$2,071,866$497,248$0$1,574,618
15$2,175,459$522,110$0$1,653,349
16$2,284,232$548,216$0$1,736,017
17$2,398,444$575,627$0$1,822,817
18$2,518,366$604,408$0$1,913,958
19$2,644,284$634,628$0$2,009,656
20$2,776,499$666,360$0$2,110,139
21$2,915,323$699,678$0$2,215,646
22$3,061,090$734,662$0$2,326,428
23$3,214,144$771,395$0$2,442,750
24$3,374,851$809,964$0$2,564,887
25$3,543,594$850,463$0$2,693,131
26$3,720,774$892,986$0$2,827,788
27$3,906,812$937,635$0$2,969,177
28$4,102,153$984,517$0$3,117,636
29$4,307,261$1,033,743$0$3,273,518
30$4,522,624$1,085,430$0$3,437,194
Total$73,000,000$17,520,000$0$55,480,000
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