Millionaire for Life Payout After Taxes in Alaska
Take-home on the $1 million-a-year-for-life top prize and $100,000-a-year second prize after federal and Alaska taxes: cash option and annuity.
View Millionaire for Life Draw Page →Millionaire for Life ($5 per play) pays its top two prizes for the winner's lifetime, with a 20-year minimum guarantee. The prize amounts are fixed; only the tax you owe changes by state. Federal withholding is estimated at the top marginal 37.00% rate. Alaska does not tax lottery winnings.
Top Prize
Match 5 + Millionaire Ball
Cash Option (lump sum)
Advertised cash$18,000,000
Federal withholding (37.00%)−$6,660,000
State withholding (0.00%)—
Net lump sum$11,340,000
Annuity (per year, for life)
Gross per year$1,000,000
Federal withholding (37.00%)−$370,000
State withholding (0.00%)—
Net per year$630,000/yr
Annuity is 37.00% withheld each year for life (20-year minimum guarantee).
2nd Prize
Match 5 (no Millionaire Ball)
Cash Option (lump sum)
Advertised cash$2,200,000
Federal withholding (37.00%)−$814,000
State withholding (0.00%)—
Net lump sum$1,386,000
Annuity (per year, for life)
Gross per year$100,000
Federal withholding (37.00%)−$37,000
State withholding (0.00%)—
Net per year$63,000/yr
Annuity is 37.00% withheld each year for life (20-year minimum guarantee).
Estimates use the top federal marginal rate and each state's lottery/income tax rate as withholding approximations, not final tax liability. Not tax advice. Millionaire for Life is run by the Multi-State Lottery Association.