USA Mega

Florida Mega Millions Jackpot Annuity Payout Schedule for Dec 15, 2023

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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 $28,000,000 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, Dec 15, 2023
Jackpot:$28,000,000
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$421,440$117,879$0$303,561
2$442,512$125,254$0$317,258
3$464,638$132,998$0$331,640
4$487,870$141,129$0$346,741
5$512,263$149,667$0$362,596
6$537,876$158,631$0$379,245
7$564,770$168,044$0$396,726
8$593,009$177,928$0$415,081
9$622,659$188,572$0$434,087
10$653,792$200,091$0$453,701
11$686,482$212,186$0$474,296
12$720,806$224,886$0$495,920
13$756,846$238,221$0$518,625
14$794,688$252,222$0$542,466
15$834,423$266,924$0$567,499
16$876,144$282,361$0$593,783
17$919,951$298,570$0$621,381
18$965,949$315,589$0$650,360
19$1,014,246$333,459$0$680,787
20$1,064,958$352,222$0$712,736
21$1,118,206$371,924$0$746,282
22$1,174,117$392,611$0$781,506
23$1,232,822$414,332$0$818,490
24$1,294,464$437,139$0$857,324
25$1,359,187$461,087$0$898,100
26$1,427,146$486,232$0$940,914
27$1,498,503$512,634$0$985,869
28$1,573,429$540,356$0$1,033,072
29$1,652,100$569,465$0$1,082,635
30$1,734,705$600,029$0$1,134,676
Total$28,000,000$9,122,642$0$18,877,357

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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.