USA Mega

New York Mega Millions Jackpot Annuity Payout Schedule for Jul 14, 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 $560,000,000 for a ticket purchased in New York, 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 York

Drawing Date:Fri, Jul 14, 2023
Jackpot:$560,000,000
Federal Tax:37% marginal rate
State Tax: 10.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$8,428,804$3,076,845$918,740$4,433,219
2$8,850,244$3,232,778$964,677$4,652,789
3$9,292,756$3,396,507$1,012,910$4,883,338
4$9,757,394$3,568,424$1,063,556$5,125,415
5$10,245,263$3,748,935$1,116,734$5,379,594
6$10,757,527$3,938,473$1,172,570$5,646,484
7$11,295,403$4,137,487$1,231,199$5,926,717
8$11,860,173$4,346,452$1,292,759$6,220,963
9$12,453,182$4,565,865$1,357,397$6,529,920
10$13,075,841$4,796,249$1,425,267$6,854,325
11$13,729,633$5,038,152$1,496,530$7,194,951
12$14,416,115$5,292,150$1,571,357$7,552,608
13$15,136,920$5,558,848$1,649,924$7,928,148
14$15,893,767$5,838,881$1,732,421$8,322,465
15$16,688,455$6,132,916$1,819,042$8,736,497
16$17,522,878$6,441,652$1,909,994$9,171,232
17$18,399,021$6,765,826$2,005,493$9,627,702
18$19,318,972$7,106,208$2,105,768$10,106,997
19$20,284,921$7,463,608$2,211,056$10,610,256
20$21,299,167$7,838,880$2,321,609$11,138,678
21$22,364,125$8,232,914$2,437,690$11,693,522
22$23,482,332$8,646,650$2,559,574$12,276,107
23$24,656,448$9,081,074$2,687,553$12,887,822
24$25,889,270$9,537,218$2,821,930$13,530,122
25$27,183,734$10,016,169$2,963,027$14,204,538
26$28,542,921$10,519,069$3,111,178$14,912,674
27$29,970,067$11,047,113$3,266,737$15,656,217
28$31,468,570$11,601,559$3,430,074$16,436,937
29$33,041,999$12,183,727$3,601,578$17,256,694
30$34,694,099$12,795,004$3,781,657$18,117,438
Total$560,000,001$205,945,633$61,040,001$293,014,369

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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.