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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 $214,000,000 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 26, 2015
Jackpot:$214,000,000
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$3,221,007$805,252$0$2,415,755
2$3,382,057$845,514$0$2,536,543
3$3,551,160$887,790$0$2,663,370
4$3,728,718$932,180$0$2,796,539
5$3,915,154$978,789$0$2,936,366
6$4,110,912$1,027,728$0$3,083,184
7$4,316,458$1,079,114$0$3,237,343
8$4,532,281$1,133,070$0$3,399,210
9$4,758,895$1,189,724$0$3,569,171
10$4,996,839$1,249,210$0$3,747,629
11$5,246,681$1,311,670$0$3,935,011
12$5,509,015$1,377,254$0$4,131,761
13$5,784,466$1,446,117$0$4,338,350
14$6,073,689$1,518,422$0$4,555,267
15$6,377,374$1,594,343$0$4,783,030
16$6,696,243$1,674,061$0$5,022,182
17$7,031,055$1,757,764$0$5,273,291
18$7,382,607$1,845,652$0$5,536,955
19$7,751,738$1,937,934$0$5,813,803
20$8,139,325$2,034,831$0$6,104,493
21$8,546,291$2,136,573$0$6,409,718
22$8,973,605$2,243,401$0$6,730,204
23$9,422,286$2,355,571$0$7,066,714
24$9,893,400$2,473,350$0$7,420,050
25$10,388,070$2,597,017$0$7,791,052
26$10,907,473$2,726,868$0$8,180,605
27$11,452,847$2,863,212$0$8,589,635
28$12,025,489$3,006,372$0$9,019,117
29$12,626,764$3,156,691$0$9,470,073
30$13,258,102$3,314,526$0$9,943,577
Total$214,000,000$53,500,000$0$160,500,000
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