Megabucks Annuity Payout
Are you thinking of purchasing an annuity? Make sure you understand your options for withdrawing your funds from this complex instrument product. Oregon's Game Megabucks annuity. Oregon’s Game Megabucks annuity prizes are paid evenly over 30 years. If you win a $30 million Oregon’s Game Megabucks jackpot, for example, and opt for the 30-year annuity, you will receive $1 million a year, for 30 years (before taxes). Powerball annuity. The remaining amount is the total of your lump sum payment. For example, if you win $1 million, your lump sum payout is half of that, or $500,000. Federal withholding is 25% of the payout, or $125,000. If your state has a 7% income tax it will withhold that amount as well - in this example, $35,000. The resulting lump sum payout is $340,000.
Cash
How Does Megabucks Payout
This payment is a one-time cash payment that is made after you win the jackpot.
Maine Megabucks Payouts
Annuity
An annuity payment means that you will receive an annual check for 25 years.
Example - Jackpot of $1,000,000 (assumes 1 winner in each option)
| Cash Option* Total Payments - 1 | Annuity Option 25 Annual Payments |
|---|---|
Pre-tax prize $500,000 | $40,000 (1 of 25) |
After tax prize $350,000 | $28,000 (1 of 25) |
Total after-tax winnings $350,000 | $700,000 (over 25 years) |
Megabucks Annuity Payout 2020
* Pre-tax prize may vary depending on interest rates.
Vermont Megabucks Payout
The Maine State Lottery is required by law to withhold 25% federal tax and 5% state tax. Winners could be liable for higher taxes when they report their winnings to the IRS.