USA Mega

Ohio Mega Millions Jackpot Annuity Payout Schedule for Dec 15, 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 $28,000,000 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:Fri, Dec 15, 2023
Jackpot:$28,000,000
Federal Tax:37% marginal rate
State Tax: 3.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$421,440$117,879$14,750$288,811
2$442,512$125,254$15,488$301,770
3$464,638$132,998$16,262$315,377
4$487,870$141,129$17,075$329,665
5$512,263$149,667$17,929$344,667
6$537,876$158,631$18,826$360,419
7$564,770$168,044$19,767$376,959
8$593,009$177,928$20,755$394,326
9$622,659$188,572$21,793$412,294
10$653,792$200,091$22,883$430,819
11$686,482$212,186$24,027$450,269
12$720,806$224,886$25,228$470,692
13$756,846$238,221$26,490$492,136
14$794,688$252,222$27,814$514,652
15$834,423$266,924$29,205$538,294
16$876,144$282,361$30,665$563,118
17$919,951$298,570$32,198$589,183
18$965,949$315,589$33,808$616,552
19$1,014,246$333,459$35,499$645,289
20$1,064,958$352,222$37,274$675,462
21$1,118,206$371,924$39,137$707,145
22$1,174,117$392,611$41,094$740,412
23$1,232,822$414,332$43,149$775,342
24$1,294,464$437,139$45,306$812,018
25$1,359,187$461,087$47,572$850,528
26$1,427,146$486,232$49,950$890,964
27$1,498,503$512,634$52,448$933,422
28$1,573,429$540,356$55,070$978,002
29$1,652,100$569,465$57,823$1,024,812
30$1,734,705$600,029$60,715$1,073,962
Total$28,000,000$9,122,642$980,000$17,897,361

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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.