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Florida Mega Millions Jackpot Annuity Payout Schedule for Mar 22, 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 $977,000,000 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, Mar 22, 2024
Jackpot:$977,000,000
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$14,705,252$5,399,131$0$9,306,121
2$15,440,515$5,671,178$0$9,769,337
3$16,212,540$5,956,828$0$10,255,713
4$17,023,168$6,256,760$0$10,766,408
5$17,874,325$6,571,688$0$11,302,637
6$18,768,042$6,902,363$0$11,865,679
7$19,706,445$7,249,572$0$12,456,872
8$20,691,767$7,614,141$0$13,077,625
9$21,726,355$7,996,939$0$13,729,416
10$22,812,673$8,398,877$0$14,413,796
11$23,953,306$8,820,911$0$15,132,395
12$25,150,972$9,264,047$0$15,886,924
13$26,408,520$9,729,340$0$16,679,180
14$27,728,946$10,217,898$0$17,511,048
15$29,115,393$10,730,883$0$18,384,510
16$30,571,163$11,269,518$0$19,301,645
17$32,099,721$11,835,084$0$20,264,636
18$33,704,707$12,428,929$0$21,275,778
19$35,389,942$13,052,466$0$22,337,476
20$37,159,440$13,707,180$0$23,452,259
21$39,017,411$14,394,630$0$24,622,781
22$40,968,282$15,116,452$0$25,851,830
23$43,016,696$15,874,365$0$27,142,331
24$45,167,531$16,670,174$0$28,497,357
25$47,425,907$17,505,773$0$29,920,134
26$49,797,203$18,383,153$0$31,414,050
27$52,287,064$19,304,401$0$32,982,662
28$54,901,416$20,271,712$0$34,629,704
29$57,646,487$21,287,388$0$36,359,099
30$60,528,812$22,353,848$0$38,174,964
Total$977,000,002$360,235,629$0$616,764,367

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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.