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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 $109,000,000 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:  Tue, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$114,678$1,132,182
2$1,722,637$413,433$120,412$1,188,792
3$1,808,769$434,104$126,433$1,248,231
4$1,899,207$455,810$132,755$1,310,643
5$1,994,167$478,600$139,392$1,376,175
6$2,093,876$502,530$146,362$1,444,984
7$2,198,570$527,657$153,680$1,517,233
8$2,308,498$554,040$161,364$1,593,094
9$2,423,923$581,742$169,432$1,672,749
10$2,545,119$610,829$177,904$1,756,387
11$2,672,375$641,370$186,799$1,844,206
12$2,805,994$673,439$196,139$1,936,416
13$2,946,293$707,110$205,946$2,033,237
14$3,093,608$742,466$216,243$2,134,899
15$3,248,289$779,589$227,055$2,241,644
16$3,410,703$818,569$238,408$2,353,726
17$3,581,238$859,497$250,329$2,471,412
18$3,760,300$902,472$262,845$2,594,983
19$3,948,315$947,596$275,987$2,724,732
20$4,145,731$994,975$289,787$2,860,969
21$4,353,017$1,044,724$304,276$3,004,017
22$4,570,668$1,096,960$319,490$3,154,218
23$4,799,202$1,151,808$335,464$3,311,929
24$5,039,162$1,209,399$352,237$3,477,525
25$5,291,120$1,269,869$369,849$3,651,402
26$5,555,676$1,333,362$388,342$3,833,972
27$5,833,459$1,400,030$407,759$4,025,670
28$6,125,132$1,470,032$428,147$4,226,954
29$6,431,389$1,543,533$449,554$4,438,302
30$6,752,959$1,620,710$472,032$4,660,217
Total$109,000,000$26,160,000$7,619,100$75,220,900
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