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Texas Mega Millions Jackpot Annuity Payout Schedule for Nov 1, 2024

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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 $281,000,000 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, Nov 1, 2024
Jackpot:$281,000,000
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$4,229,453$1,523,085$0$2,706,368
2$4,440,926$1,601,330$0$2,839,596
3$4,662,972$1,683,487$0$2,979,485
4$4,896,121$1,769,753$0$3,126,368
5$5,140,927$1,860,331$0$3,280,596
6$5,397,973$1,955,438$0$3,442,535
7$5,667,872$2,055,300$0$3,612,572
8$5,951,266$2,160,156$0$3,791,110
9$6,248,829$2,270,254$0$3,978,574
10$6,561,270$2,385,858$0$4,175,412
11$6,889,334$2,507,241$0$4,382,093
12$7,233,800$2,634,694$0$4,599,107
13$7,595,490$2,768,519$0$4,826,971
14$7,975,265$2,909,036$0$5,066,229
15$8,374,028$3,056,578$0$5,317,450
16$8,792,730$3,211,498$0$5,581,232
17$9,232,366$3,374,163$0$5,858,203
18$9,693,984$3,544,962$0$6,149,022
19$10,178,684$3,724,301$0$6,454,383
20$10,687,618$3,912,606$0$6,775,011
21$11,221,999$4,110,327$0$7,111,671
22$11,783,099$4,317,934$0$7,465,164
23$12,372,254$4,535,922$0$7,836,332
24$12,990,866$4,764,808$0$8,226,058
25$13,640,409$5,005,139$0$8,635,270
26$14,322,430$5,257,487$0$9,064,943
27$15,038,552$5,522,452$0$9,516,100
28$15,790,479$5,800,665$0$9,989,814
29$16,580,003$6,092,789$0$10,487,214
30$17,409,003$6,399,519$0$11,009,484
Total$281,000,001$102,715,632$0$178,284,367

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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.