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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 $177,000,000 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, Jan 24, 2017
Jackpot:$177,000,000
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$2,664,104$666,026$0$1,998,078
2$2,797,309$699,327$0$2,097,982
3$2,937,175$734,294$0$2,202,881
4$3,084,033$771,008$0$2,313,025
5$3,238,235$809,559$0$2,428,676
6$3,400,147$850,037$0$2,550,110
7$3,570,154$892,539$0$2,677,616
8$3,748,662$937,165$0$2,811,496
9$3,936,095$984,024$0$2,952,071
10$4,132,900$1,033,225$0$3,099,675
11$4,339,545$1,084,886$0$3,254,659
12$4,556,522$1,139,130$0$3,417,391
13$4,784,348$1,196,087$0$3,588,261
14$5,023,566$1,255,891$0$3,767,674
15$5,274,744$1,318,686$0$3,956,058
16$5,538,481$1,384,620$0$4,153,861
17$5,815,405$1,453,851$0$4,361,554
18$6,106,175$1,526,544$0$4,579,631
19$6,411,484$1,602,871$0$4,808,613
20$6,732,058$1,683,015$0$5,049,044
21$7,068,661$1,767,165$0$5,301,496
22$7,422,094$1,855,524$0$5,566,571
23$7,793,199$1,948,300$0$5,844,899
24$8,182,859$2,045,715$0$6,137,144
25$8,592,002$2,148,000$0$6,444,001
26$9,021,602$2,255,400$0$6,766,201
27$9,472,682$2,368,170$0$7,104,511
28$9,946,316$2,486,579$0$7,459,737
29$10,443,632$2,610,908$0$7,832,724
30$10,965,813$2,741,453$0$8,224,360
Total$177,000,000$44,250,000$0$132,750,000
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