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New Jersey Mega Millions Jackpot Annuity Payout Schedule for Jun 23, 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 $320,000,000 for a ticket purchased in New Jersey, 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:

New Jersey

Drawing Date:Fri, Jun 23, 2023
Jackpot:$320,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,816,459$1,740,278$517,769$2,558,412
2$5,057,282$1,829,382$543,658$2,684,242
3$5,310,146$1,922,942$570,841$2,816,364
4$5,575,654$2,021,180$599,383$2,955,091
5$5,854,436$2,124,329$629,352$3,100,755
6$6,147,158$2,232,636$660,819$3,253,702
7$6,454,516$2,346,359$693,860$3,414,297
8$6,777,242$2,465,767$728,554$3,582,921
9$7,116,104$2,591,146$764,981$3,759,977
10$7,471,909$2,722,794$803,230$3,945,885
11$7,845,505$2,861,024$843,392$4,141,088
12$8,237,780$3,006,166$885,561$4,346,052
13$8,649,669$3,158,565$929,839$4,561,264
14$9,082,152$3,318,584$976,331$4,787,237
15$9,536,260$3,486,604$1,025,148$5,024,508
16$10,013,073$3,663,025$1,076,405$5,273,643
17$10,513,726$3,848,267$1,130,226$5,535,234
18$11,039,413$4,042,770$1,186,737$5,809,905
19$11,591,383$4,247,000$1,246,074$6,098,310
20$12,170,953$4,461,440$1,308,377$6,401,135
21$12,779,500$4,686,603$1,373,796$6,719,101
22$13,418,475$4,923,024$1,442,486$7,052,966
23$14,089,399$5,171,265$1,514,610$7,403,523
24$14,793,869$5,431,919$1,590,341$7,771,609
25$15,533,562$5,705,606$1,669,858$8,158,099
26$16,310,241$5,992,977$1,753,351$8,563,913
27$17,125,753$6,294,716$1,841,018$8,990,018
28$17,982,040$6,611,543$1,933,069$9,437,428
29$18,881,142$6,944,210$2,029,723$9,907,209
30$19,825,199$7,293,512$2,131,209$10,400,479
Total$320,000,001$117,145,633$34,399,998$168,454,367

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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.