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Florida Mega Millions Jackpot Annuity Payout Schedule for Jan 19, 2021

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The tax information provided here is based on 2021 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 $850,000,000 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 prize money, as well as deductions claimed.

State:

Florida

Drawing Date:Tue, Jan 19, 2021
Jackpot:$850,000,000
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$12,793,720$4,697,749$0$8,095,971
2$13,433,406$4,934,432$0$8,498,973
3$14,105,076$5,182,950$0$8,922,126
4$14,810,330$5,443,894$0$9,366,436
5$15,550,846$5,717,885$0$9,832,961
6$16,328,389$6,005,576$0$10,322,813
7$17,144,809$6,307,651$0$10,837,157
8$18,002,049$6,624,830$0$11,377,219
9$18,902,151$6,957,868$0$11,944,283
10$19,847,259$7,307,558$0$12,539,701
11$20,839,622$7,674,732$0$13,164,889
12$21,881,603$8,060,265$0$13,821,337
13$22,975,683$8,465,075$0$14,510,608
14$24,124,467$8,890,125$0$15,234,342
15$25,330,690$9,336,428$0$15,994,263
16$26,597,225$9,805,046$0$16,792,180
17$27,927,086$10,297,094$0$17,629,992
18$29,323,440$10,813,745$0$18,509,695
19$30,789,612$11,356,229$0$19,433,383
20$32,329,093$11,925,837$0$20,403,256
21$33,945,547$12,523,925$0$21,421,623
22$35,642,825$13,151,917$0$22,490,907
23$37,424,966$13,811,310$0$23,613,656
24$39,296,214$14,503,671$0$24,792,543
25$41,261,025$15,230,651$0$26,030,373
26$43,324,077$15,993,981$0$27,330,096
27$45,490,280$16,795,476$0$28,694,804
28$47,764,794$17,637,046$0$30,127,748
29$50,153,034$18,520,695$0$31,632,339
30$52,660,686$19,448,526$0$33,212,160
Total$850,000,002$313,422,167$0$536,577,834

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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.