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Mega Millions Annuity Jackpot Analysis for Texas

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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 $138,000,000 would be for a resident of Texas, 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:

Texas

Drawing Date:  Fri, May 6, 2016
Jackpot:$138,000,000
Federal Tax:  25%
State Tax:No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,077,098$519,275$0$1,557,824
2$2,180,953$545,238$0$1,635,715
3$2,290,001$572,500$0$1,717,500
4$2,404,501$601,125$0$1,803,376
5$2,524,726$631,181$0$1,893,544
6$2,650,962$662,740$0$1,988,221
7$2,783,510$695,878$0$2,087,633
8$2,922,686$730,671$0$2,192,014
9$3,068,820$767,205$0$2,301,615
10$3,222,261$805,565$0$2,416,696
11$3,383,374$845,843$0$2,537,530
12$3,552,543$888,136$0$2,664,407
13$3,730,170$932,542$0$2,797,627
14$3,916,678$979,170$0$2,937,509
15$4,112,512$1,028,128$0$3,084,384
16$4,318,138$1,079,534$0$3,238,603
17$4,534,045$1,133,511$0$3,400,533
18$4,760,747$1,190,187$0$3,570,560
19$4,998,784$1,249,696$0$3,749,088
20$5,248,723$1,312,181$0$3,936,542
21$5,511,159$1,377,790$0$4,133,370
22$5,786,717$1,446,679$0$4,340,038
23$6,076,053$1,519,013$0$4,557,040
24$6,379,856$1,594,964$0$4,784,892
25$6,698,849$1,674,712$0$5,024,137
26$7,033,791$1,758,448$0$5,275,343
27$7,385,481$1,846,370$0$5,539,111
28$7,754,755$1,938,689$0$5,816,066
29$8,142,493$2,035,623$0$6,106,869
30$8,549,617$2,137,404$0$6,412,213
Total$138,000,000$34,500,000$0$103,500,000
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