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Florida Mega Millions Jackpot Annuity Payout Schedule for Oct 23, 2018

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The tax information provided here is based on 2022 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 $1,537,000,000 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, Oct 23, 2018
Jackpot:$1,537,000,000
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$23,134,056$8,522,556$0$14,611,500
2$24,290,759$8,950,536$0$15,340,223
3$25,505,296$9,399,915$0$16,105,382
4$26,780,562$9,871,763$0$16,908,799
5$28,119,589$10,367,203$0$17,752,386
6$29,525,569$10,887,415$0$18,638,153
7$31,001,848$11,433,639$0$19,568,209
8$32,551,940$12,007,173$0$20,544,767
9$34,179,537$12,609,384$0$21,570,153
10$35,888,513$13,241,705$0$22,646,808
11$37,682,939$13,905,643$0$23,777,297
12$39,567,086$14,602,777$0$24,964,309
13$41,545,440$15,334,768$0$26,210,672
14$43,622,713$16,103,359$0$27,519,354
15$45,803,848$16,910,379$0$28,893,469
16$48,094,041$17,757,750$0$30,336,291
17$50,498,742$18,647,490$0$31,851,253
18$53,023,680$19,581,716$0$33,441,963
19$55,674,863$20,562,654$0$35,112,209
20$58,458,607$21,592,640$0$36,865,967
21$61,381,537$22,674,124$0$38,707,413
22$64,450,614$23,809,682$0$40,640,932
23$67,673,145$25,002,019$0$42,671,126
24$71,056,801$26,253,971$0$44,802,830
25$74,609,641$27,568,522$0$47,041,119
26$78,340,125$28,948,801$0$49,391,323
27$82,257,131$30,398,093$0$51,859,037
28$86,369,986$31,919,850$0$54,450,136
29$90,688,486$33,517,695$0$57,170,791
30$95,222,911$35,195,432$0$60,027,479
Total$1,537,000,003$567,578,654$0$969,421,350

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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.