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Texas Mega Millions Jackpot Annuity Payout Schedule for Jan 1, 2021

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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 $401,000,000 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, Jan 1, 2021
Jackpot:$401,000,000
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$6,035,625$2,191,369$0$3,844,256
2$6,337,407$2,303,028$0$4,034,379
3$6,654,277$2,420,270$0$4,234,007
4$6,986,991$2,543,374$0$4,443,617
5$7,336,340$2,672,634$0$4,663,707
6$7,703,157$2,808,356$0$4,894,801
7$8,088,316$2,950,865$0$5,137,451
8$8,492,731$3,100,498$0$5,392,233
9$8,917,368$3,257,614$0$5,659,754
10$9,363,236$3,422,585$0$5,940,651
11$9,831,398$3,595,805$0$6,235,593
12$10,322,968$3,777,686$0$6,545,282
13$10,839,116$3,968,661$0$6,870,455
14$11,381,072$4,169,184$0$7,211,888
15$11,950,126$4,379,734$0$7,570,391
16$12,547,632$4,600,812$0$7,946,820
17$13,175,013$4,832,943$0$8,342,071
18$13,833,764$5,076,680$0$8,757,084
19$14,525,452$5,332,605$0$9,192,847
20$15,251,725$5,601,326$0$9,650,399
21$16,014,311$5,883,483$0$10,130,828
22$16,815,027$6,179,748$0$10,635,279
23$17,655,778$6,490,826$0$11,164,952
24$18,538,567$6,817,457$0$11,721,109
25$19,465,495$7,160,421$0$12,305,074
26$20,438,770$7,520,533$0$12,918,238
27$21,460,709$7,898,650$0$13,562,059
28$22,533,744$8,295,673$0$14,238,071
29$23,660,431$8,712,547$0$14,947,884
30$24,843,453$9,150,265$0$15,693,188
Total$401,000,001$147,115,632$0$253,884,368

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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.