USA Mega

Ohio Mega Millions Jackpot Annuity Payout Schedule for Jan 31, 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 $31,000,000 for a ticket purchased in Ohio, 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:

Ohio

Drawing Date:Tue, Jan 31, 2023
Jackpot:$31,000,000
Federal Tax:37% marginal rate
State Tax: 3.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$133,683$16,331$316,581
2$489,924$141,848$17,147$330,929
3$514,420$150,422$18,005$345,994
4$540,141$159,424$18,905$361,812
5$567,149$168,877$19,850$378,422
6$595,506$178,802$20,843$395,861
7$625,281$189,542$21,885$413,855
8$656,545$201,110$22,979$432,457
9$689,373$213,256$24,128$451,989
10$723,841$226,009$25,334$472,498
11$760,033$239,400$26,601$494,032
12$798,035$253,461$27,931$516,643
13$837,937$268,224$29,328$540,385
14$879,834$283,726$30,794$565,313
15$923,825$300,003$32,334$591,488
16$970,016$317,094$33,951$618,972
17$1,018,517$335,039$35,648$647,830
18$1,069,443$353,882$37,431$678,131
19$1,122,915$373,666$39,302$709,947
20$1,179,061$394,440$41,267$743,354
21$1,238,014$416,253$43,330$778,431
22$1,299,915$439,156$45,497$815,262
23$1,364,911$463,205$47,772$853,934
24$1,433,156$488,455$50,160$894,540
25$1,504,814$514,969$52,668$937,176
26$1,580,055$542,808$55,302$981,945
27$1,659,057$572,039$58,067$1,028,951
28$1,742,010$602,731$60,970$1,078,308
29$1,829,111$634,959$64,019$1,130,133
30$1,920,566$668,797$67,220$1,184,549
Total$31,000,000$10,225,280$1,084,999$19,689,722

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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.