USA Mega

Texas Mega Millions Jackpot Annuity Payout Schedule for Jun 28, 2024

Media: You may freely use any information on this page, but you must credit usamega.com.

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 $116,000,000 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, Jun 28, 2024
Jackpot:$116,000,000
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$1,745,966$604,195$0$1,141,771
2$1,833,265$636,496$0$1,196,769
3$1,924,928$670,411$0$1,254,517
4$2,021,174$706,022$0$1,315,152
5$2,122,233$743,414$0$1,378,819
6$2,228,345$782,675$0$1,445,669
7$2,339,762$823,900$0$1,515,862
8$2,456,750$867,185$0$1,589,565
9$2,579,588$912,635$0$1,666,953
10$2,708,567$960,358$0$1,748,209
11$2,843,995$1,010,466$0$1,833,529
12$2,986,195$1,063,080$0$1,923,115
13$3,135,505$1,118,325$0$2,017,180
14$3,292,280$1,176,331$0$2,115,949
15$3,456,894$1,237,239$0$2,219,656
16$3,629,739$1,301,191$0$2,328,548
17$3,811,226$1,368,341$0$2,442,885
18$4,001,787$1,438,849$0$2,562,938
19$4,201,876$1,512,882$0$2,688,994
20$4,411,970$1,590,617$0$2,821,354
21$4,632,569$1,672,238$0$2,960,331
22$4,864,197$1,757,941$0$3,106,257
23$5,107,407$1,847,928$0$3,259,479
24$5,362,777$1,942,415$0$3,420,362
25$5,630,916$2,041,627$0$3,589,290
26$5,912,462$2,145,799$0$3,766,663
27$6,208,085$2,255,179$0$3,952,906
28$6,518,490$2,370,029$0$4,148,461
29$6,844,414$2,490,621$0$4,353,793
30$7,186,635$2,617,243$0$4,569,392
Total$116,000,000$41,665,632$0$74,334,368

◄ Back to Jackpot Analysis

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.