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California Mega Millions Jackpot Annuity Payout Schedule for Aug 30, 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 $627,000,000 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 30, 2024
Jackpot:$627,000,000
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$9,437,250$3,449,970$0$5,987,280
2$9,909,112$3,624,559$0$6,284,553
3$10,404,568$3,807,878$0$6,596,690
4$10,924,797$4,000,362$0$6,924,434
5$11,471,036$4,202,471$0$7,268,565
6$12,044,588$4,414,685$0$7,629,903
7$12,646,818$4,637,510$0$8,009,307
8$13,279,158$4,871,476$0$8,407,682
9$13,943,116$5,117,141$0$8,825,976
10$14,640,272$5,375,088$0$9,265,184
11$15,372,286$5,645,933$0$9,726,352
12$16,140,900$5,930,321$0$10,210,579
13$16,947,945$6,228,927$0$10,719,017
14$17,795,342$6,542,464$0$11,252,878
15$18,685,109$6,871,678$0$11,813,431
16$19,619,365$7,217,353$0$12,402,012
17$20,600,333$7,580,311$0$13,020,022
18$21,630,349$7,961,417$0$13,668,932
19$22,711,867$8,361,578$0$14,350,288
20$23,847,460$8,781,748$0$15,065,712
21$25,039,833$9,222,926$0$15,816,907
22$26,291,825$9,686,163$0$16,605,662
23$27,606,416$10,172,562$0$17,433,854
24$28,986,737$10,683,280$0$18,303,456
25$30,436,074$11,219,535$0$19,216,539
26$31,957,878$11,782,603$0$20,175,275
27$33,555,772$12,373,823$0$21,181,948
28$35,233,560$12,994,605$0$22,238,955
29$36,995,238$13,646,426$0$23,348,812
30$38,845,000$14,330,838$0$24,514,162
Total$627,000,001$230,735,631$0$396,264,367

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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.