USA Mega

Texas Mega Millions Jackpot Annuity Payout Schedule for Jul 4, 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 $400,000,000 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:Tue, Jul 4, 2023
Jackpot:$400,000,000
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$6,020,574$2,185,800$0$3,834,774
2$6,321,603$2,297,181$0$4,024,422
3$6,637,683$2,414,130$0$4,223,552
4$6,969,567$2,536,928$0$4,432,640
5$7,318,045$2,665,864$0$4,652,181
6$7,683,948$2,801,248$0$4,882,699
7$8,068,145$2,943,401$0$5,124,744
8$8,471,552$3,092,662$0$5,378,890
9$8,895,130$3,249,386$0$5,645,744
10$9,339,886$3,413,946$0$5,925,941
11$9,806,881$3,586,734$0$6,220,147
12$10,297,225$3,768,161$0$6,529,064
13$10,812,086$3,958,660$0$6,853,426
14$11,352,690$4,158,683$0$7,194,007
15$11,920,325$4,368,708$0$7,551,617
16$12,516,341$4,589,234$0$7,927,107
17$13,142,158$4,820,786$0$8,321,372
18$13,799,266$5,063,916$0$8,735,350
19$14,489,229$5,319,203$0$9,170,027
20$15,213,691$5,587,253$0$9,626,437
21$15,974,375$5,868,707$0$10,105,669
22$16,773,094$6,164,233$0$10,608,861
23$17,611,749$6,474,535$0$11,137,214
24$18,492,336$6,800,352$0$11,691,984
25$19,416,953$7,142,460$0$12,274,493
26$20,387,801$7,501,674$0$12,886,127
27$21,407,191$7,878,848$0$13,528,342
28$22,477,550$8,274,881$0$14,202,669
29$23,601,428$8,690,716$0$14,910,712
30$24,781,499$9,127,342$0$15,654,157
Total$400,000,001$146,745,632$0$253,254,369

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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.