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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 $31,000,000 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, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$32,615$321,997
2$489,924$117,582$34,246$338,097
3$514,420$123,461$35,958$355,002
4$540,141$129,634$37,756$372,752
5$567,149$136,116$39,644$391,389
6$595,506$142,921$41,626$410,959
7$625,281$150,068$43,707$431,507
8$656,545$157,571$45,893$453,082
9$689,373$165,449$48,187$475,736
10$723,841$173,722$50,596$499,523
11$760,033$182,408$53,126$524,499
12$798,035$191,528$55,783$550,724
13$837,937$201,105$58,572$578,260
14$879,834$211,160$61,500$607,173
15$923,825$221,718$64,575$637,532
16$970,016$232,804$67,804$669,408
17$1,018,517$244,444$71,194$702,879
18$1,069,443$256,666$74,754$738,023
19$1,122,915$269,500$78,492$774,924
20$1,179,061$282,975$82,416$813,670
21$1,238,014$297,123$86,537$854,354
22$1,299,915$311,980$90,864$897,071
23$1,364,911$327,579$95,407$941,925
24$1,433,156$343,957$100,178$989,021
25$1,504,814$361,155$105,186$1,038,472
26$1,580,055$379,213$110,446$1,090,396
27$1,659,057$398,174$115,968$1,144,915
28$1,742,010$418,082$121,767$1,202,161
29$1,829,111$438,987$127,855$1,262,269
30$1,920,566$460,936$134,248$1,325,383
Total$31,000,000$7,440,000$2,166,900$21,393,100
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