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Mega Millions Annuity Jackpot Analysis for Connecticut

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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 $212,000,000 would be for a resident of Connecticut, 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:

Connecticut

Drawing Date:  Fri, Apr 26, 2019
Jackpot:$212,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,190,904$765,817$223,044$2,202,043
2$3,350,449$804,108$234,196$2,312,145
3$3,517,972$844,313$245,906$2,427,752
4$3,693,871$886,529$258,202$2,549,140
5$3,878,564$930,855$271,112$2,676,597
6$4,072,492$977,398$284,667$2,810,427
7$4,276,117$1,026,268$298,901$2,950,948
8$4,489,923$1,077,581$313,846$3,098,496
9$4,714,419$1,131,461$329,538$3,253,420
10$4,950,140$1,188,034$346,015$3,416,091
11$5,197,647$1,247,435$363,316$3,586,896
12$5,457,529$1,309,807$381,481$3,766,241
13$5,730,406$1,375,297$400,555$3,954,553
14$6,016,926$1,444,062$420,583$4,152,281
15$6,317,772$1,516,265$441,612$4,359,895
16$6,633,661$1,592,079$463,693$4,577,889
17$6,965,344$1,671,682$486,878$4,806,784
18$7,313,611$1,755,267$511,221$5,047,123
19$7,679,291$1,843,030$536,782$5,299,479
20$8,063,256$1,935,181$563,622$5,564,453
21$8,466,419$2,031,941$591,803$5,842,676
22$8,889,740$2,133,538$621,393$6,134,809
23$9,334,227$2,240,214$652,462$6,441,550
24$9,800,938$2,352,225$685,086$6,763,627
25$10,290,985$2,469,836$719,340$7,101,809
26$10,805,534$2,593,328$755,307$7,456,899
27$11,345,811$2,722,995$793,072$7,829,744
28$11,913,102$2,859,144$832,726$8,221,231
29$12,508,757$3,002,102$874,362$8,632,293
30$13,134,195$3,152,207$918,080$9,063,908
Total$212,000,000$50,880,000$14,818,800$146,301,200
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