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Florida Mega Millions Jackpot Annuity Payout Schedule for Jul 21, 2023

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The tax information provided here is based on 2025 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 $720,000,000 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, Jul 21, 2023
Jackpot:$720,000,000
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$10,837,033$3,966,723$0$6,870,311
2$11,378,885$4,167,208$0$7,211,677
3$11,947,829$4,377,717$0$7,570,112
4$12,545,221$4,598,752$0$7,946,469
5$13,172,481$4,830,838$0$8,341,643
6$13,831,106$5,074,529$0$8,756,576
7$14,522,661$5,330,405$0$9,192,256
8$15,248,794$5,599,074$0$9,649,720
9$16,011,234$5,881,177$0$10,130,057
10$16,811,796$6,177,385$0$10,634,411
11$17,652,385$6,488,403$0$11,163,983
12$18,535,005$6,814,972$0$11,720,033
13$19,461,755$7,157,870$0$12,303,885
14$20,434,843$7,517,912$0$12,916,931
15$21,456,585$7,895,957$0$13,560,628
16$22,529,414$8,292,903$0$14,236,511
17$23,655,884$8,709,697$0$14,946,187
18$24,838,679$9,147,331$0$15,691,347
19$26,080,613$9,606,847$0$16,473,766
20$27,384,643$10,089,338$0$17,295,305
21$28,753,875$10,595,954$0$18,157,921
22$30,191,569$11,127,901$0$19,063,668
23$31,701,148$11,686,445$0$20,014,703
24$33,286,205$12,272,916$0$21,013,289
25$34,950,515$12,888,711$0$22,061,804
26$36,698,041$13,535,296$0$23,162,746
27$38,532,943$14,214,209$0$24,318,734
28$40,459,590$14,927,069$0$25,532,521
29$42,482,570$15,675,571$0$26,806,999
30$44,606,699$16,461,499$0$28,145,200
Total$720,000,001$265,110,609$0$454,889,393

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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.