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Florida Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $122,000,000 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, Sep 8, 2023
Jackpot:$122,000,000
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$1,836,275$637,610$0$1,198,666
2$1,928,089$671,581$0$1,256,508
3$2,024,493$707,250$0$1,317,243
4$2,125,718$744,703$0$1,381,015
5$2,232,004$784,029$0$1,447,975
6$2,343,604$825,321$0$1,518,283
7$2,460,784$868,678$0$1,592,106
8$2,583,823$914,202$0$1,669,621
9$2,713,015$962,003$0$1,751,011
10$2,848,665$1,012,194$0$1,836,471
11$2,991,099$1,064,894$0$1,926,204
12$3,140,654$1,120,230$0$2,020,424
13$3,297,686$1,178,332$0$2,119,355
14$3,462,571$1,239,339$0$2,223,232
15$3,635,699$1,303,396$0$2,332,303
16$3,817,484$1,370,657$0$2,446,827
17$4,008,358$1,441,280$0$2,567,078
18$4,208,776$1,515,435$0$2,693,341
19$4,419,215$1,593,297$0$2,825,918
20$4,640,176$1,675,053$0$2,965,123
21$4,872,184$1,760,896$0$3,111,288
22$5,115,794$1,851,031$0$3,264,762
23$5,371,583$1,945,674$0$3,425,910
24$5,640,162$2,045,048$0$3,595,115
25$5,922,171$2,149,391$0$3,772,780
26$6,218,279$2,258,951$0$3,959,328
27$6,529,193$2,373,989$0$4,155,204
28$6,855,653$2,494,779$0$4,360,873
29$7,198,435$2,621,609$0$4,576,827
30$7,558,357$2,754,780$0$4,803,577
Total$122,000,000$43,885,632$0$78,114,368

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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.