USA Mega

Ohio Mega Millions Jackpot Annuity Payout Schedule for Jul 7, 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 $450,000,000 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 7, 2023
Jackpot:$450,000,000
Federal Tax:37% marginal rate
State Tax: 3.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,773,146$2,464,252$237,060$4,071,834
2$7,111,803$2,589,555$248,913$4,273,335
3$7,467,393$2,721,123$261,359$4,484,911
4$7,840,763$2,859,270$274,427$4,707,066
5$8,232,801$3,004,324$288,148$4,940,329
6$8,644,441$3,156,631$302,555$5,185,255
7$9,076,663$3,316,553$317,683$5,442,427
8$9,530,496$3,484,471$333,567$5,712,458
9$10,007,021$3,660,786$350,246$5,995,990
10$10,507,372$3,845,915$367,758$6,293,699
11$11,032,741$4,040,302$386,146$6,606,293
12$11,584,378$4,244,408$405,453$6,934,517
13$12,163,597$4,458,719$425,726$7,279,152
14$12,771,777$4,683,745$447,012$7,641,019
15$13,410,365$4,920,023$469,363$8,020,980
16$14,080,884$5,168,115$492,831$8,419,938
17$14,784,928$5,428,611$517,472$8,838,844
18$15,524,174$5,702,132$543,346$9,278,696
19$16,300,383$5,989,329$570,513$9,740,540
20$17,115,402$6,290,887$599,039$10,225,477
21$17,971,172$6,607,521$628,991$10,734,660
22$18,869,731$6,939,988$660,441$11,269,302
23$19,813,217$7,289,078$693,463$11,830,677
24$20,803,878$7,655,623$728,136$12,420,120
25$21,844,072$8,040,494$764,543$13,039,035
26$22,936,276$8,444,610$802,770$13,688,896
27$24,083,090$8,868,931$842,908$14,371,251
28$25,287,244$9,314,468$885,054$15,087,722
29$26,551,606$9,782,282$929,306$15,840,018
30$27,879,187$10,273,487$975,772$16,629,928
Total$450,000,001$165,245,633$15,750,001$269,004,369

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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.