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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 $51,000,000 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, Dec 13, 2016
Jackpot:$51,000,000
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$767,623$191,906$0$575,717
2$806,004$201,501$0$604,503
3$846,305$211,576$0$634,728
4$888,620$222,155$0$666,465
5$933,051$233,263$0$699,788
6$979,703$244,926$0$734,777
7$1,028,689$257,172$0$771,516
8$1,080,123$270,031$0$810,092
9$1,134,129$283,532$0$850,597
10$1,190,836$297,709$0$893,127
11$1,250,377$312,594$0$937,783
12$1,312,896$328,224$0$984,672
13$1,378,541$344,635$0$1,033,906
14$1,447,468$361,867$0$1,085,601
15$1,519,841$379,960$0$1,139,881
16$1,595,834$398,958$0$1,196,875
17$1,675,625$418,906$0$1,256,719
18$1,759,406$439,852$0$1,319,555
19$1,847,377$461,844$0$1,385,533
20$1,939,746$484,936$0$1,454,809
21$2,036,733$509,183$0$1,527,550
22$2,138,569$534,642$0$1,603,927
23$2,245,498$561,374$0$1,684,123
24$2,357,773$589,443$0$1,768,330
25$2,475,661$618,915$0$1,856,746
26$2,599,445$649,861$0$1,949,583
27$2,729,417$682,354$0$2,047,063
28$2,865,888$716,472$0$2,149,416
29$3,009,182$752,296$0$2,256,887
30$3,159,641$789,910$0$2,369,731
Total$51,000,000$12,750,000$0$38,250,000
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