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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 $90,000,000 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 23, 2019
Jackpot:$90,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$325,111$94,689$934,830
2$1,422,361$341,367$99,423$981,571
3$1,493,479$358,435$104,394$1,030,650
4$1,568,153$376,357$109,614$1,082,182
5$1,646,560$395,174$115,095$1,136,291
6$1,728,888$414,933$120,849$1,193,106
7$1,815,333$435,680$126,892$1,252,761
8$1,906,099$457,464$133,236$1,315,399
9$2,001,404$480,337$139,898$1,381,169
10$2,101,474$504,354$146,893$1,450,228
11$2,206,548$529,572$154,238$1,522,739
12$2,316,876$556,050$161,950$1,598,876
13$2,432,719$583,853$170,047$1,678,820
14$2,554,355$613,045$178,549$1,762,761
15$2,682,073$643,698$187,477$1,850,899
16$2,816,177$675,882$196,851$1,943,444
17$2,956,986$709,677$206,693$2,040,616
18$3,104,835$745,160$217,028$2,142,647
19$3,260,077$782,418$227,879$2,249,779
20$3,423,080$821,539$239,273$2,362,268
21$3,594,234$862,616$251,237$2,480,381
22$3,773,946$905,747$263,799$2,604,400
23$3,962,643$951,034$276,989$2,734,620
24$4,160,776$998,586$290,838$2,871,351
25$4,368,814$1,048,515$305,380$3,014,919
26$4,587,255$1,100,941$320,649$3,165,665
27$4,816,618$1,155,988$336,682$3,323,948
28$5,057,449$1,213,788$353,516$3,490,145
29$5,310,321$1,274,477$371,191$3,664,653
30$5,575,837$1,338,201$389,751$3,847,885
Total$90,000,000$21,600,000$6,291,000$62,109,000
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