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California Mega Millions Jackpot Annuity Payout Schedule for Aug 23, 2024

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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 $535,000,000 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:Fri, Aug 23, 2024
Jackpot:$535,000,000
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$8,052,518$2,937,619$0$5,114,898
2$8,455,144$3,086,591$0$5,368,553
3$8,877,901$3,243,011$0$5,634,890
4$9,321,796$3,407,252$0$5,914,544
5$9,787,885$3,579,705$0$6,208,180
6$10,277,280$3,760,781$0$6,516,499
7$10,791,144$3,950,911$0$6,840,233
8$11,330,701$4,150,547$0$7,180,154
9$11,897,236$4,360,165$0$7,537,071
10$12,492,098$4,580,264$0$7,911,834
11$13,116,703$4,811,368$0$8,305,335
12$13,772,538$5,054,027$0$8,718,511
13$14,461,165$5,308,819$0$9,152,346
14$15,184,223$5,576,350$0$9,607,873
15$15,943,434$5,857,258$0$10,086,176
16$16,740,606$6,152,212$0$10,588,394
17$17,577,636$6,461,913$0$11,115,723
18$18,456,518$6,787,100$0$11,669,419
19$19,379,344$7,128,545$0$12,250,799
20$20,348,311$7,487,063$0$12,861,248
21$21,365,727$7,863,507$0$13,502,220
22$22,434,013$8,258,773$0$14,175,241
23$23,555,714$8,673,802$0$14,881,912
24$24,733,499$9,109,583$0$15,623,917
25$25,970,174$9,567,152$0$16,403,022
26$27,268,684$10,047,601$0$17,221,083
27$28,632,118$10,552,071$0$18,080,046
28$30,063,723$11,081,765$0$18,981,958
29$31,566,909$11,637,944$0$19,928,965
30$33,145,255$12,221,932$0$20,923,323
Total$535,000,001$196,695,631$0$338,304,367

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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.