USA Mega

Florida Mega Millions Jackpot Annuity Payout Schedule for Jun 21, 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 $80,000,000 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, Jun 21, 2024
Jackpot:$80,000,000
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$1,204,115$403,710$0$800,405
2$1,264,321$425,986$0$838,334
3$1,327,537$449,376$0$878,160
4$1,393,913$473,936$0$919,978
5$1,463,609$499,723$0$963,886
6$1,536,790$526,800$0$1,009,990
7$1,613,629$555,230$0$1,058,399
8$1,694,310$585,083$0$1,109,228
9$1,779,026$616,427$0$1,162,599
10$1,867,977$649,339$0$1,218,638
11$1,961,376$683,897$0$1,277,479
12$2,059,445$720,182$0$1,339,263
13$2,162,417$758,282$0$1,404,135
14$2,270,538$798,287$0$1,472,251
15$2,384,065$840,292$0$1,543,773
16$2,503,268$884,397$0$1,618,871
17$2,628,432$930,707$0$1,697,724
18$2,759,853$979,333$0$1,780,520
19$2,897,846$1,030,391$0$1,867,455
20$3,042,738$1,084,001$0$1,958,737
21$3,194,875$1,140,292$0$2,054,584
22$3,354,619$1,199,397$0$2,155,222
23$3,522,350$1,261,457$0$2,260,893
24$3,698,467$1,326,621$0$2,371,847
25$3,883,391$1,395,042$0$2,488,348
26$4,077,560$1,466,885$0$2,610,675
27$4,281,438$1,542,320$0$2,739,118
28$4,495,510$1,621,526$0$2,873,984
29$4,720,286$1,704,693$0$3,015,592
30$4,956,300$1,792,019$0$3,164,281
Total$80,000,000$28,345,631$0$51,654,369

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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.