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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 $203,000,000 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, May 24, 2016
Jackpot:$203,000,000
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$3,055,441$763,860$0$2,291,581
2$3,208,213$802,053$0$2,406,160
3$3,368,624$842,156$0$2,526,468
4$3,537,055$884,264$0$2,652,792
5$3,713,908$928,477$0$2,785,431
6$3,899,603$974,901$0$2,924,703
7$4,094,584$1,023,646$0$3,070,938
8$4,299,313$1,074,828$0$3,224,485
9$4,514,278$1,128,570$0$3,385,709
10$4,739,992$1,184,998$0$3,554,994
11$4,976,992$1,244,248$0$3,732,744
12$5,225,842$1,306,460$0$3,919,381
13$5,487,134$1,371,783$0$4,115,350
14$5,761,490$1,440,373$0$4,321,118
15$6,049,565$1,512,391$0$4,537,174
16$6,352,043$1,588,011$0$4,764,032
17$6,669,645$1,667,411$0$5,002,234
18$7,003,127$1,750,782$0$5,252,346
19$7,353,284$1,838,321$0$5,514,963
20$7,720,948$1,930,237$0$5,790,711
21$8,106,995$2,026,749$0$6,080,247
22$8,512,345$2,128,086$0$6,384,259
23$8,937,963$2,234,491$0$6,703,472
24$9,384,861$2,346,215$0$7,038,645
25$9,854,104$2,463,526$0$7,390,578
26$10,346,809$2,586,702$0$7,760,107
27$10,864,149$2,716,037$0$8,148,112
28$11,407,357$2,851,839$0$8,555,517
29$11,977,725$2,994,431$0$8,983,293
30$12,576,611$3,144,153$0$9,432,458
Total$203,000,000$50,750,000$0$152,250,000
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