USA Mega

Florida Mega Millions Jackpot Annuity Payout Schedule for Jan 26, 1999

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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 $40,000,000 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, Jan 26, 1999
Jackpot:$40,000,000
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$602,057$181,095$0$420,963
2$632,160$192,087$0$440,073
3$663,768$203,782$0$459,986
4$696,957$216,062$0$480,895
5$731,805$228,955$0$502,849
6$768,395$242,494$0$525,901
7$806,815$256,709$0$550,105
8$847,155$271,635$0$575,520
9$889,513$287,308$0$602,205
10$933,989$303,764$0$630,225
11$980,688$321,042$0$659,646
12$1,029,722$339,185$0$690,537
13$1,081,209$358,235$0$722,974
14$1,135,269$378,237$0$757,032
15$1,192,032$399,240$0$792,793
16$1,251,634$421,292$0$830,342
17$1,314,216$444,448$0$869,768
18$1,379,927$468,761$0$911,166
19$1,448,923$494,289$0$954,634
20$1,521,369$521,094$0$1,000,275
21$1,597,438$549,240$0$1,048,198
22$1,677,309$578,792$0$1,098,517
23$1,761,175$609,822$0$1,151,352
24$1,849,234$642,404$0$1,206,829
25$1,941,695$676,615$0$1,265,080
26$2,038,780$712,536$0$1,326,244
27$2,140,719$750,254$0$1,390,465
28$2,247,755$789,857$0$1,457,898
29$2,360,143$831,441$0$1,528,702
30$2,478,150$875,103$0$1,603,047
Total$40,000,000$13,545,778$0$26,454,221

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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.