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Ohio Mega Millions Jackpot Annuity Payout Schedule for Jul 21, 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 $720,000,000 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, Jul 21, 2023
Jackpot:$720,000,000
Federal Tax:37% marginal rate
State Tax: 3.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,837,033$3,967,890$379,296$6,489,847
2$11,378,885$4,168,375$398,261$6,812,249
3$11,947,829$4,378,884$418,174$7,150,771
4$12,545,221$4,599,920$439,083$7,506,219
5$13,172,481$4,832,006$461,037$7,879,439
6$13,831,106$5,075,697$484,089$8,271,320
7$14,522,661$5,331,572$508,293$8,682,796
8$15,248,794$5,600,242$533,708$9,114,845
9$16,011,234$5,882,344$560,393$9,568,496
10$16,811,796$6,178,552$588,413$10,044,831
11$17,652,385$6,489,570$617,833$10,544,982
12$18,535,005$6,816,139$648,725$11,070,140
13$19,461,755$7,159,037$681,161$11,621,556
14$20,434,843$7,519,080$715,219$12,200,544
15$21,456,585$7,897,124$750,980$12,808,480
16$22,529,414$8,294,071$788,529$13,446,814
17$23,655,884$8,710,865$827,956$14,117,063
18$24,838,679$9,148,499$869,354$14,820,826
19$26,080,613$9,608,014$912,821$15,559,777
20$27,384,643$10,090,506$958,463$16,335,675
21$28,753,875$10,597,122$1,006,386$17,150,368
22$30,191,569$11,129,068$1,056,705$18,005,796
23$31,701,148$11,687,612$1,109,540$18,903,995
24$33,286,205$12,274,084$1,165,017$19,847,104
25$34,950,515$12,889,878$1,223,268$20,837,369
26$36,698,041$13,536,463$1,284,431$21,877,147
27$38,532,943$14,215,377$1,348,653$22,968,914
28$40,459,590$14,928,236$1,416,086$24,115,268
29$42,482,570$15,676,739$1,486,890$25,318,941
30$44,606,699$16,462,666$1,561,234$26,582,798
Total$720,000,001$265,145,632$25,199,998$429,654,370

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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.