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Florida Mega Millions Jackpot Annuity Payout Schedule for Oct 4, 2024

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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 $108,000,000 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, Oct 4, 2024
Jackpot:$108,000,000
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$1,625,555$559,643$0$1,065,912
2$1,706,833$589,716$0$1,117,117
3$1,792,174$621,292$0$1,170,882
4$1,881,783$654,448$0$1,227,336
5$1,975,872$689,260$0$1,286,612
6$2,074,666$725,814$0$1,348,852
7$2,178,399$764,195$0$1,414,204
8$2,287,319$804,496$0$1,482,823
9$2,401,685$846,811$0$1,554,874
10$2,521,769$891,242$0$1,630,527
11$2,647,858$937,895$0$1,709,963
12$2,780,251$986,881$0$1,793,370
13$2,919,263$1,038,315$0$1,880,948
14$3,065,226$1,092,322$0$1,972,905
15$3,218,488$1,149,028$0$2,069,459
16$3,379,412$1,208,570$0$2,170,842
17$3,548,383$1,271,089$0$2,277,293
18$3,725,802$1,336,734$0$2,389,067
19$3,912,092$1,405,662$0$2,506,430
20$4,107,697$1,478,035$0$2,629,661
21$4,313,081$1,554,028$0$2,759,053
22$4,528,735$1,633,820$0$2,894,916
23$4,755,172$1,717,601$0$3,037,571
24$4,992,931$1,805,572$0$3,187,359
25$5,242,577$1,897,941$0$3,344,636
26$5,504,706$1,994,929$0$3,509,777
27$5,779,942$2,096,766$0$3,683,175
28$6,068,939$2,203,695$0$3,865,244
29$6,372,385$2,315,970$0$4,056,415
30$6,691,005$2,433,860$0$4,257,145
Total$108,000,000$38,705,630$0$69,294,368

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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.