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Mega Millions Annuity Jackpot Analysis for Wisconsin (Jul. 31, 2020 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 $22,000,000 would be for a resident of Wisconsin, 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:

Wisconsin

Drawing Date:  Jul. 31, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:7.65%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$25,332$226,328
2$347,688$83,445$26,598$237,645
3$365,073$87,617$27,928$249,527
4$383,326$91,998$29,324$262,003
5$402,492$96,598$30,791$275,104
6$422,617$101,428$32,330$288,859
7$443,748$106,500$33,947$303,302
8$465,935$111,824$35,644$318,467
9$489,232$117,416$37,426$334,390
10$513,694$123,287$39,298$351,110
11$539,378$129,451$41,262$368,665
12$566,347$135,923$43,326$387,098
13$594,665$142,720$45,492$406,453
14$624,398$149,856$47,766$426,776
15$655,618$157,348$50,155$448,115
16$688,399$165,216$52,663$470,521
17$722,819$173,476$55,296$494,047
18$758,960$182,150$58,060$518,749
19$796,908$191,258$60,963$544,686
20$836,753$200,821$64,012$571,921
21$878,591$210,862$67,212$600,517
22$922,520$221,405$70,573$630,543
23$968,646$232,475$74,101$662,070
24$1,017,078$244,099$77,807$695,173
25$1,067,932$256,304$81,697$729,932
26$1,121,329$269,119$85,782$766,428
27$1,177,395$282,575$90,071$804,750
28$1,236,265$296,704$94,574$844,987
29$1,298,079$311,539$99,303$887,237
30$1,362,982$327,116$104,268$931,599
Total$22,000,000$5,280,000$1,683,000$15,037,000
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