USA Mega

Florida Mega Millions Jackpot Annuity Payout Schedule for Jan 8, 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 $20,000,000 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:Fri, Jan 8, 1999
Jackpot:$20,000,000
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$301,029$75,735$0$225,294
2$316,080$81,003$0$235,077
3$331,884$86,534$0$245,350
4$348,478$92,342$0$256,136
5$365,902$98,441$0$267,462
6$384,197$104,844$0$279,354
7$403,407$111,567$0$291,840
8$423,578$118,627$0$304,951
9$444,757$126,040$0$318,717
10$466,994$133,823$0$333,172
11$490,344$141,995$0$348,349
12$514,861$150,576$0$364,285
13$540,604$159,586$0$381,018
14$567,635$169,047$0$398,588
15$596,016$178,980$0$417,036
16$625,817$189,740$0$436,077
17$657,108$201,318$0$455,790
18$689,963$213,474$0$476,489
19$724,461$226,238$0$498,223
20$760,685$239,641$0$521,044
21$798,719$253,714$0$545,005
22$838,655$268,490$0$570,165
23$880,587$284,005$0$596,582
24$924,617$300,296$0$624,321
25$970,848$317,401$0$653,446
26$1,019,390$335,362$0$684,028
27$1,070,360$354,221$0$716,139
28$1,123,878$374,022$0$749,855
29$1,180,071$394,814$0$785,257
30$1,239,075$416,645$0$822,429
Total$20,000,000$6,198,521$0$13,801,479

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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.