Categories
BLOG

ohio lottery analysis

Ohio Mega Millions Jackpot Annuity Payout Schedule for Jan 29, 2021

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

The tax information provided here is based on 2021 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 $25,000,000 for a ticket purchased in Ohio, 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 prize money, as well as deductions claimed.

Federal Filing Status:

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $376,286 $106,244 $18,050 $251,991
2 $395,100 $112,829 $18,953 $263,318
3 $414,855 $119,744 $19,901 $275,211
4 $435,598 $127,004 $20,896 $287,699
5 $457,378 $134,626 $21,940 $300,811
6 $480,247 $142,631 $23,037 $314,579
7 $504,259 $151,035 $24,189 $329,035
8 $529,472 $159,977 $25,399 $344,096
9 $555,946 $169,772 $26,669 $359,505
10 $583,743 $180,057 $28,002 $375,684
11 $612,930 $190,856 $29,402 $392,671
12 $643,577 $202,196 $30,872 $410,509
13 $675,755 $214,102 $32,416 $429,238
14 $709,543 $226,603 $34,037 $448,903
15 $745,020 $239,730 $35,739 $469,552
16 $782,271 $253,513 $37,526 $491,233
17 $821,385 $267,985 $39,402 $513,998
18 $862,454 $283,180 $41,372 $537,902
19 $905,577 $299,136 $43,441 $563,001
20 $950,856 $315,889 $45,613 $589,354
21 $998,398 $333,480 $47,893 $617,026
22 $1,048,318 $351,950 $50,288 $646,080
23 $1,100,734 $371,344 $52,802 $676,588
24 $1,155,771 $391,708 $55,442 $708,621
25 $1,213,560 $413,089 $58,214 $742,256
26 $1,274,238 $435,540 $61,125 $777,572
27 $1,337,949 $459,114 $64,181 $814,654
28 $1,404,847 $483,866 $67,391 $853,591
29 $1,475,089 $509,855 $70,760 $894,474
30 $1,548,844 $537,144 $74,298 $937,401
Total $25,000,000 $8,184,199 $1,199,250 $15,616,553

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.

Mega Millions annuity chart shows the annual net payout a Ohio jackpot winner would get after federal and state taxes.

Ohio Powerball Jackpot Annuity Payout Schedule for Jan 30, 2021

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

The tax information provided here is based on 2021 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 Powerball 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 $30,000,000 for a ticket purchased in Ohio, 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 prize money, as well as deductions claimed.

Federal Filing Status:

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $451,543 $132,584 $21,661 $297,298
2 $474,120 $140,486 $22,744 $310,890
3 $497,826 $148,783 $23,881 $325,162
4 $522,718 $157,495 $25,075 $340,147
5 $548,853 $167,148 $26,328 $355,377
6 $576,296 $177,302 $27,645 $371,349
7 $605,111 $187,963 $29,027 $388,120
8 $635,366 $199,158 $30,479 $405,730
9 $667,135 $210,912 $32,002 $424,220
10 $700,491 $223,254 $33,603 $443,635
11 $735,516 $236,213 $35,283 $464,020
12 $772,292 $249,820 $37,047 $485,425
13 $810,906 $264,108 $38,899 $507,900
14 $851,452 $279,109 $40,844 $531,498
15 $894,024 $294,861 $42,886 $556,277
16 $938,726 $311,401 $45,031 $582,294
17 $985,662 $328,767 $47,282 $609,613
18 $1,034,945 $347,002 $49,646 $638,297
19 $1,086,692 $366,148 $52,129 $668,415
20 $1,141,027 $386,252 $54,735 $700,040
21 $1,198,078 $407,361 $57,472 $733,245
22 $1,257,982 $429,526 $60,345 $768,111
23 $1,320,881 $452,798 $63,363 $804,720
24 $1,386,925 $477,235 $66,531 $843,160
25 $1,456,271 $502,893 $69,857 $883,521
26 $1,529,085 $529,834 $73,350 $925,901
27 $1,605,539 $558,122 $77,018 $970,400
28 $1,685,816 $587,824 $80,869 $1,017,123
29 $1,770,107 $619,012 $84,912 $1,066,183
30 $1,858,612 $651,759 $89,158 $1,117,696
Total $30,000,000 $10,025,130 $1,439,102 $18,535,767

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.

Powerball annuity chart shows the annual net payout a Ohio jackpot winner would get after federal and state taxes. ]]>