USA Mega

Florida Mega Millions Jackpot Annuity Payout Schedule for Jul 25, 2023

Media: You may freely use any information on this page, but you must credit usamega.com.

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 $820,000,000 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, Jul 25, 2023
Jackpot:$820,000,000
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$12,342,177$4,524,793$0$7,817,384
2$12,959,286$4,753,123$0$8,206,162
3$13,607,250$4,992,870$0$8,614,380
4$14,287,613$5,244,604$0$9,043,008
5$15,001,993$5,508,925$0$9,493,068
6$15,752,093$5,786,462$0$9,965,631
7$16,539,698$6,077,876$0$10,461,822
8$17,366,682$6,383,860$0$10,982,822
9$18,235,017$6,705,144$0$11,529,873
10$19,146,767$7,042,492$0$12,104,276
11$20,104,106$7,396,707$0$12,707,399
12$21,109,311$7,768,633$0$13,340,678
13$22,164,776$8,159,155$0$14,005,621
14$23,273,015$8,569,203$0$14,703,812
15$24,436,666$8,999,754$0$15,436,912
16$25,658,499$9,451,833$0$16,206,667
17$26,941,424$9,926,515$0$17,014,909
18$28,288,495$10,424,931$0$17,863,564
19$29,702,920$10,948,268$0$18,754,652
20$31,188,066$11,497,772$0$19,690,294
21$32,747,469$12,074,751$0$20,672,718
22$34,384,843$12,680,580$0$21,704,263
23$36,104,085$13,316,699$0$22,787,386
24$37,909,289$13,984,625$0$23,924,664
25$39,804,753$14,685,946$0$25,118,807
26$41,794,992$15,422,335$0$26,372,657
27$43,884,741$16,195,542$0$27,689,199
28$46,078,978$17,007,409$0$29,071,568
29$48,382,927$17,859,871$0$30,523,056
30$50,802,073$18,754,955$0$32,047,118
Total$820,000,002$302,145,633$0$517,854,370

◄ Back to Jackpot Analysis

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.