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Florida Mega Millions Jackpot Annuity Payout Schedule for May 21, 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 $421,000,000 for a ticket purchased in Florida, 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:

Florida

Drawing Date:Tue, May 21, 2024
Jackpot:$421,000,000
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$6,336,654$2,302,750$0$4,033,904
2$6,653,487$2,419,978$0$4,233,509
3$6,986,161$2,543,067$0$4,443,094
4$7,335,469$2,672,311$0$4,663,158
5$7,702,243$2,808,018$0$4,894,225
6$8,087,355$2,950,509$0$5,136,846
7$8,491,723$3,100,125$0$5,391,598
8$8,916,309$3,257,222$0$5,659,087
9$9,362,124$3,422,174$0$5,939,951
10$9,830,230$3,595,373$0$6,234,857
11$10,321,742$3,777,232$0$6,544,510
12$10,837,829$3,968,185$0$6,869,645
13$11,379,721$4,168,684$0$7,211,036
14$11,948,707$4,379,209$0$7,569,497
15$12,546,142$4,600,260$0$7,945,882
16$13,173,449$4,832,364$0$8,341,085
17$13,832,121$5,076,073$0$8,756,049
18$14,523,727$5,331,967$0$9,191,761
19$15,249,914$5,600,656$0$9,649,258
20$16,012,410$5,882,779$0$10,129,630
21$16,813,030$6,179,009$0$10,634,021
22$17,653,681$6,490,050$0$11,163,632
23$18,536,366$6,816,643$0$11,719,723
24$19,463,184$7,159,566$0$12,303,618
25$20,436,343$7,519,635$0$12,916,708
26$21,458,160$7,897,707$0$13,560,453
27$22,531,068$8,294,683$0$14,236,385
28$23,657,621$8,711,508$0$14,946,114
29$24,840,503$9,149,174$0$15,691,329
30$26,082,528$9,608,723$0$16,473,805
Total$421,000,001$154,515,634$0$266,484,370

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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.