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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 $15,000,000 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:  Tue, Aug 4, 2015
Jackpot:$15,000,000
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$225,772$56,443$0$169,329
2$237,060$59,265$0$177,795
3$248,913$62,228$0$186,685
4$261,359$65,340$0$196,019
5$274,427$68,607$0$205,820
6$288,148$72,037$0$216,111
7$302,555$75,639$0$226,917
8$317,683$79,421$0$238,262
9$333,567$83,392$0$250,176
10$350,246$87,561$0$262,684
11$367,758$91,940$0$275,819
12$386,146$96,536$0$289,609
13$405,453$101,363$0$304,090
14$425,726$106,431$0$319,294
15$447,012$111,753$0$335,259
16$469,363$117,341$0$352,022
17$492,831$123,208$0$369,623
18$517,472$129,368$0$388,104
19$543,346$135,837$0$407,510
20$570,513$142,628$0$427,885
21$599,039$149,760$0$449,279
22$628,991$157,248$0$471,743
23$660,441$165,110$0$495,330
24$693,463$173,366$0$520,097
25$728,136$182,034$0$546,102
26$764,543$191,136$0$573,407
27$802,770$200,692$0$602,077
28$842,908$210,727$0$632,181
29$885,054$221,263$0$663,790
30$929,306$232,327$0$696,980
Total$15,000,000$3,750,000$0$11,250,000
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