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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 $378,000,000 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, Jun 5, 2020
Jackpot:$378,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,689,442$1,365,466$397,692$3,926,284
2$5,973,915$1,433,740$417,577$4,122,598
3$6,272,610$1,505,426$438,455$4,328,728
4$6,586,241$1,580,698$460,378$4,545,165
5$6,915,553$1,659,733$483,397$4,772,423
6$7,261,330$1,742,719$507,567$5,011,044
7$7,624,397$1,829,855$532,945$5,261,597
8$8,005,617$1,921,348$559,593$5,524,676
9$8,405,898$2,017,415$587,572$5,800,910
10$8,826,193$2,118,286$616,951$6,090,956
11$9,267,502$2,224,201$647,798$6,395,503
12$9,730,877$2,335,411$680,188$6,715,279
13$10,217,421$2,452,181$714,198$7,051,042
14$10,728,292$2,574,790$749,908$7,403,595
15$11,264,707$2,703,530$787,403$7,773,774
16$11,827,942$2,838,706$826,773$8,162,463
17$12,419,339$2,980,641$868,112$8,570,586
18$13,040,306$3,129,674$911,517$8,999,115
19$13,692,322$3,286,157$957,093$9,449,071
20$14,376,938$3,450,465$1,004,948$9,921,525
21$15,095,785$3,622,988$1,055,195$10,417,601
22$15,850,574$3,804,138$1,107,955$10,938,481
23$16,643,103$3,994,345$1,163,353$11,485,405
24$17,475,258$4,194,062$1,221,521$12,059,675
25$18,349,020$4,403,765$1,282,597$12,662,659
26$19,266,472$4,623,953$1,346,726$13,295,792
27$20,229,795$4,855,151$1,414,063$13,960,582
28$21,241,285$5,097,908$1,484,766$14,658,611
29$22,303,349$5,352,804$1,559,004$15,391,541
30$23,418,517$5,620,444$1,636,954$16,161,118
Total$378,000,001$90,720,000$26,422,200$260,857,801
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