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Texas Mega Millions Jackpot Annuity Payout Schedule for Dec 16, 2022

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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 $429,000,000 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, Dec 16, 2022
Jackpot:$429,000,000
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$6,457,066$2,347,302$0$4,109,764
2$6,779,919$2,466,758$0$4,313,161
3$7,118,915$2,592,186$0$4,526,729
4$7,474,861$2,723,886$0$4,750,975
5$7,848,603$2,862,171$0$4,986,432
6$8,241,034$3,007,370$0$5,233,664
7$8,653,086$3,159,829$0$5,493,256
8$9,085,740$3,319,912$0$5,765,828
9$9,540,027$3,487,998$0$6,052,029
10$10,017,028$3,664,488$0$6,352,540
11$10,517,880$3,849,803$0$6,668,076
12$11,043,774$4,044,384$0$6,999,390
13$11,595,962$4,248,694$0$7,347,268
14$12,175,760$4,463,219$0$7,712,541
15$12,784,548$4,688,471$0$8,096,078
16$13,423,776$4,924,985$0$8,498,791
17$14,094,964$5,173,325$0$8,921,640
18$14,799,713$5,434,081$0$9,365,631
19$15,539,698$5,707,876$0$9,831,822
20$16,316,683$5,995,361$0$10,321,323
21$17,132,517$6,297,219$0$10,835,298
22$17,989,143$6,614,171$0$11,374,973
23$18,888,601$6,946,970$0$11,941,631
24$19,833,030$7,296,409$0$12,536,621
25$20,824,682$7,663,320$0$13,161,362
26$21,865,916$8,048,577$0$13,817,340
27$22,959,212$8,453,096$0$14,506,116
28$24,107,172$8,877,842$0$15,229,331
29$25,312,531$9,323,824$0$15,988,707
30$26,578,158$9,792,106$0$16,786,052
Total$429,000,001$157,475,633$0$271,524,369

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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.