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Mega Millions Annuity Jackpot Analysis for Washington (Oct. 30, 2018 Drawing)

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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 $45,000,000 would be for a resident of Washington, 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:

Washington

Drawing Date:  Oct. 30, 2018
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$0$514,759
2$711,180$170,683$0$540,497
3$746,739$179,217$0$567,522
4$784,076$188,178$0$595,898
5$823,280$197,587$0$625,693
6$864,444$207,467$0$656,978
7$907,666$217,840$0$689,826
8$953,050$228,732$0$724,318
9$1,000,702$240,169$0$760,534
10$1,050,737$252,177$0$798,560
11$1,103,274$264,786$0$838,488
12$1,158,438$278,025$0$880,413
13$1,216,360$291,926$0$924,433
14$1,277,178$306,523$0$970,655
15$1,341,037$321,849$0$1,019,188
16$1,408,088$337,941$0$1,070,147
17$1,478,493$354,838$0$1,123,655
18$1,552,417$372,580$0$1,179,837
19$1,630,038$391,209$0$1,238,829
20$1,711,540$410,770$0$1,300,771
21$1,797,117$431,308$0$1,365,809
22$1,886,973$452,874$0$1,434,100
23$1,981,322$475,517$0$1,505,805
24$2,080,388$499,293$0$1,581,095
25$2,184,407$524,258$0$1,660,149
26$2,293,628$550,471$0$1,743,157
27$2,408,309$577,994$0$1,830,315
28$2,528,724$606,894$0$1,921,831
29$2,655,161$637,239$0$2,017,922
30$2,787,919$669,100$0$2,118,818
Total$45,000,000$10,800,000$0$34,200,000
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