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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 $378,000,000 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, Jun 5, 2020
Jackpot:$378,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,689,442$1,365,466$227,578$4,096,399
2$5,973,915$1,433,740$238,957$4,301,219
3$6,272,610$1,505,426$250,904$4,516,279
4$6,586,241$1,580,698$263,450$4,742,094
5$6,915,553$1,659,733$276,622$4,979,198
6$7,261,330$1,742,719$290,453$5,228,158
7$7,624,397$1,829,855$304,976$5,489,566
8$8,005,617$1,921,348$320,225$5,764,044
9$8,405,898$2,017,415$336,236$6,052,246
10$8,826,193$2,118,286$353,048$6,354,859
11$9,267,502$2,224,201$370,700$6,672,602
12$9,730,877$2,335,411$389,235$7,006,232
13$10,217,421$2,452,181$408,697$7,356,543
14$10,728,292$2,574,790$429,132$7,724,371
15$11,264,707$2,703,530$450,588$8,110,589
16$11,827,942$2,838,706$473,118$8,516,119
17$12,419,339$2,980,641$496,774$8,941,924
18$13,040,306$3,129,674$521,612$9,389,021
19$13,692,322$3,286,157$547,693$9,858,472
20$14,376,938$3,450,465$575,078$10,351,395
21$15,095,785$3,622,988$603,831$10,868,965
22$15,850,574$3,804,138$634,023$11,412,413
23$16,643,103$3,994,345$665,724$11,983,034
24$17,475,258$4,194,062$699,010$12,582,185
25$18,349,020$4,403,765$733,961$13,211,295
26$19,266,472$4,623,953$770,659$13,871,860
27$20,229,795$4,855,151$809,192$14,565,453
28$21,241,285$5,097,908$849,651$15,293,725
29$22,303,349$5,352,804$892,134$16,058,411
30$23,418,517$5,620,444$936,741$16,861,332
Total$378,000,001$90,720,000$15,120,000$272,160,001
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