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California Mega Millions Jackpot Annuity Payout Schedule for Aug 8, 2023

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $1,602,000,000 for a ticket purchased in California, 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

California

Drawing Date:Tue, Aug 8, 2023
Jackpot:$1,602,000,000
Federal Tax:37% marginal rate
State Tax: No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$24,112,399$8,879,775$0$15,232,624
2$25,318,019$9,325,855$0$15,992,164
3$26,583,920$9,794,238$0$16,789,682
4$27,913,117$10,286,041$0$17,627,076
5$29,308,771$10,802,433$0$18,506,338
6$30,774,210$11,344,646$0$19,429,565
7$32,312,922$11,913,969$0$20,398,953
8$33,928,567$12,511,758$0$21,416,810
9$35,624,996$13,139,436$0$22,485,560
10$37,406,245$13,798,498$0$23,607,747
11$39,276,558$14,490,514$0$24,786,044
12$41,240,385$15,217,130$0$26,023,255
13$43,302,404$15,980,077$0$27,322,327
14$45,467,525$16,781,172$0$28,686,353
15$47,740,901$17,622,321$0$30,118,580
16$50,127,947$18,505,528$0$31,622,419
17$52,634,343$19,432,895$0$33,201,448
18$55,266,060$20,406,630$0$34,859,430
19$58,029,363$21,429,052$0$36,600,311
20$60,930,832$22,502,595$0$38,428,236
21$63,977,373$23,629,816$0$40,347,557
22$67,176,241$24,813,397$0$42,362,844
23$70,535,054$26,056,158$0$44,478,896
24$74,061,806$27,361,056$0$46,700,750
25$77,764,896$28,731,199$0$49,033,697
26$81,653,142$30,169,850$0$51,483,292
27$85,735,799$31,680,433$0$54,055,366
28$90,022,588$33,266,545$0$56,756,043
29$94,523,718$34,931,963$0$59,591,754
30$99,249,904$36,680,652$0$62,569,252
Total$1,602,000,003$591,485,632$0$1,010,514,373

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.