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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 $30,000,000 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, Sep 30, 2016
Jackpot:$30,000,000
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$451,543$112,886$0$338,657
2$474,120$118,530$0$355,590
3$497,826$124,457$0$373,370
4$522,718$130,679$0$392,038
5$548,853$137,213$0$411,640
6$576,296$144,074$0$432,222
7$605,111$151,278$0$453,833
8$635,366$158,842$0$476,525
9$667,135$166,784$0$500,351
10$700,491$175,123$0$525,369
11$735,516$183,879$0$551,637
12$772,292$193,073$0$579,219
13$810,906$202,727$0$608,180
14$851,452$212,863$0$638,589
15$894,024$223,506$0$670,518
16$938,726$234,681$0$704,044
17$985,662$246,415$0$739,246
18$1,034,945$258,736$0$776,209
19$1,086,692$271,673$0$815,019
20$1,141,027$285,257$0$855,770
21$1,198,078$299,520$0$898,559
22$1,257,982$314,496$0$943,487
23$1,320,881$330,220$0$990,661
24$1,386,925$346,731$0$1,040,194
25$1,456,271$364,068$0$1,092,204
26$1,529,085$382,271$0$1,146,814
27$1,605,539$401,385$0$1,204,154
28$1,685,816$421,454$0$1,264,362
29$1,770,107$442,527$0$1,327,580
30$1,858,612$464,653$0$1,393,959
Total$30,000,000$7,500,000$0$22,500,000
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