USA Mega

Texas Mega Millions Jackpot Annuity Payout Schedule for Apr 12, 2002

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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 $220,000,000 for a ticket purchased in Texas, 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:

Texas

Drawing Date:Fri, Apr 12, 2002
Jackpot:$220,000,000
Federal Tax:37% marginal rate
State Tax: No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,311,316$1,183,375$0$2,127,941
2$3,476,882$1,244,634$0$2,232,248
3$3,650,726$1,308,956$0$2,341,769
4$3,833,262$1,376,495$0$2,456,767
5$4,024,925$1,447,410$0$2,577,515
6$4,226,171$1,521,871$0$2,704,300
7$4,437,480$1,600,055$0$2,837,425
8$4,659,354$1,682,149$0$2,977,205
9$4,892,322$1,768,347$0$3,123,975
10$5,136,938$1,858,855$0$3,278,083
11$5,393,784$1,953,888$0$3,439,896
12$5,663,474$2,053,673$0$3,609,801
13$5,946,647$2,158,447$0$3,788,200
14$6,243,980$2,268,460$0$3,975,519
15$6,556,179$2,383,974$0$4,172,205
16$6,883,988$2,505,263$0$4,378,724
17$7,228,187$2,632,617$0$4,595,570
18$7,589,596$2,766,338$0$4,823,258
19$7,969,076$2,906,746$0$5,062,330
20$8,367,530$3,054,174$0$5,313,356
21$8,785,906$3,208,973$0$5,576,933
22$9,225,202$3,371,512$0$5,853,689
23$9,686,462$3,542,179$0$6,144,283
24$10,170,785$3,721,378$0$6,449,407
25$10,679,324$3,909,538$0$6,769,786
26$11,213,290$4,107,105$0$7,106,185
27$11,773,955$4,314,551$0$7,459,404
28$12,362,653$4,532,369$0$7,830,283
29$12,980,785$4,761,078$0$8,219,707
30$13,629,825$5,001,223$0$8,628,602
Total$220,000,000$80,145,633$0$139,854,366

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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.