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florida lotto jackpot analysis

Florida Mega Millions Jackpot Annuity Payout Schedule for Jan 26, 2021

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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 $20,000,000 for a ticket purchased in Florida, 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.

Florida

Federal Filing Status:

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $301,029 $79,904 $0 $221,124
2 $316,080 $85,172 $0 $230,908
3 $331,884 $90,704 $0 $241,180
4 $348,478 $96,512 $0 $251,967
5 $365,902 $102,610 $0 $263,292
6 $384,197 $109,013 $0 $275,184
7 $403,407 $115,737 $0 $287,670
8 $423,578 $122,796 $0 $300,781
9 $444,757 $130,209 $0 $314,547
10 $466,994 $137,992 $0 $329,002
11 $490,344 $146,165 $0 $344,179
12 $514,861 $154,746 $0 $360,116
13 $540,604 $164,096 $0 $376,508
14 $567,635 $174,097 $0 $393,537
15 $596,016 $184,598 $0 $411,418
16 $625,817 $195,625 $0 $430,192
17 $657,108 $207,202 $0 $449,906
18 $689,963 $219,359 $0 $470,605
19 $724,461 $232,123 $0 $492,338
20 $760,685 $245,526 $0 $515,159
21 $798,719 $259,598 $0 $539,121
22 $838,655 $274,374 $0 $564,280
23 $880,587 $289,890 $0 $590,698
24 $924,617 $306,180 $0 $618,436
25 $970,848 $323,286 $0 $647,562
26 $1,019,390 $341,247 $0 $678,143
27 $1,070,360 $360,105 $0 $710,254
28 $1,123,878 $379,907 $0 $743,971
29 $1,180,071 $400,699 $0 $779,373
30 $1,239,075 $422,530 $0 $816,545
Total $20,000,000 $6,352,002 $0 $13,647,996

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 Florida jackpot winner would get after federal and state taxes.

Florida(FL) Lotto Prize Analysis for Wed Jan 27, 2021

As legally required by the state of Florida, taxes are withheld on lottery winnings of $600.00 or more. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes. Luckily, lottery prizes are exempt from Florida state and local personal income taxes. For more information on taxes for lottery winnings in the state of Florida, click here.

  • Choose Payment Option: The jackpot winner of Florida(FL) Lotto has 60 days to decide to take a one time lump sum cash payment or 26 graduated annual installments after the claim approval.
  • Cash Option: Florida(FL) Lotto cash option is a single lump-sum payment in the amount required on the prize determination day to purchase securities to fund the Jackpot prize paid over 30 years. Our Florida(FL) Lotto jackpot analysis is going to use 50% of the jackpot amount as an example to calculate the tax liability and the amount of cash a single winner would win after tax deducted. See below table for detailed information of jackpot analysis for Florida(FL) Lotto cash option. Please note that the actual cash value of Lotto jackpot varies and will be announced by Official Florida Lottery.
  • Annuity: If the winner chooses annuity in the amount of $13,500,000, the winner gets paid in 30 annual installments amounting to $450,000.00 yearly. The federal tax amounts to $112,500.00 yearly. The winner will receive, after paying all the taxes, $337,500.00 yearly.
The Florida(FL) Lotto prize analysis tells you how much you would get after state, local and federal tax withholdings. ]]>