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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 $20,000,000 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, Mar 6, 2015
Jackpot:$20,000,000
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$301,029$75,257$0$225,772
2$316,080$79,020$0$237,060
3$331,884$82,971$0$248,913
4$348,478$87,120$0$261,359
5$365,902$91,476$0$274,427
6$384,197$96,049$0$288,148
7$403,407$100,852$0$302,555
8$423,578$105,894$0$317,683
9$444,757$111,189$0$333,567
10$466,994$116,749$0$350,246
11$490,344$122,586$0$367,758
12$514,861$128,715$0$386,146
13$540,604$135,151$0$405,453
14$567,635$141,909$0$425,726
15$596,016$149,004$0$447,012
16$625,817$156,454$0$469,363
17$657,108$164,277$0$492,831
18$689,963$172,491$0$517,472
19$724,461$181,115$0$543,346
20$760,685$190,171$0$570,513
21$798,719$199,680$0$599,039
22$838,655$209,664$0$628,991
23$880,587$220,147$0$660,441
24$924,617$231,154$0$693,463
25$970,848$242,712$0$728,136
26$1,019,390$254,848$0$764,543
27$1,070,360$267,590$0$802,770
28$1,123,878$280,969$0$842,908
29$1,180,071$295,018$0$885,054
30$1,239,075$309,769$0$929,306
Total$20,000,000$5,000,000$0$15,000,000
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