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Mega Millions Annuity Jackpot Analysis for Colorado

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $224,000,000 would be for a resident of Colorado, 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Colorado

Drawing Date:  Fri, Feb 22, 2019
Jackpot:$224,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,371,521$809,165$134,861$2,427,495
2$3,540,098$849,623$141,604$2,548,870
3$3,717,102$892,105$148,684$2,676,314
4$3,902,958$936,710$156,118$2,810,129
5$4,098,105$983,545$163,924$2,950,636
6$4,303,011$1,032,723$172,120$3,098,168
7$4,518,161$1,084,359$180,726$3,253,076
8$4,744,069$1,138,577$189,763$3,415,730
9$4,981,273$1,195,505$199,251$3,586,516
10$5,230,336$1,255,281$209,213$3,765,842
11$5,491,853$1,318,045$219,674$3,954,134
12$5,766,446$1,383,947$230,658$4,151,841
13$6,054,768$1,453,144$242,191$4,359,433
14$6,357,507$1,525,802$254,300$4,577,405
15$6,675,382$1,602,092$267,015$4,806,275
16$7,009,151$1,682,196$280,366$5,046,589
17$7,359,608$1,766,306$294,384$5,298,918
18$7,727,589$1,854,621$309,104$5,563,864
19$8,113,968$1,947,352$324,559$5,842,057
20$8,519,667$2,044,720$340,787$6,134,160
21$8,945,650$2,146,956$357,826$6,440,868
22$9,392,933$2,254,304$375,717$6,762,912
23$9,862,579$2,367,019$394,503$7,101,057
24$10,355,708$2,485,370$414,228$7,456,110
25$10,873,494$2,609,638$434,940$7,828,915
26$11,417,168$2,740,120$456,687$8,220,361
27$11,988,027$2,877,126$479,521$8,631,379
28$12,587,428$3,020,983$503,497$9,062,948
29$13,216,799$3,172,032$528,672$9,516,096
30$13,877,640$3,330,633$555,106$9,991,900
Total$224,000,000$53,760,000$8,960,000$161,280,000
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