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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 $60,000,000 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, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$63,126$623,220
2$948,240$227,578$66,282$654,381
3$995,652$238,957$69,596$687,100
4$1,045,435$250,904$73,076$721,455
5$1,097,707$263,450$76,730$757,527
6$1,152,592$276,622$80,566$795,404
7$1,210,222$290,453$84,595$835,174
8$1,270,733$304,976$88,824$876,933
9$1,334,270$320,225$93,265$920,779
10$1,400,983$336,236$97,929$966,818
11$1,471,032$353,048$102,825$1,015,159
12$1,544,584$370,700$107,966$1,065,917
13$1,621,813$389,235$113,365$1,119,213
14$1,702,904$408,697$119,033$1,175,174
15$1,788,049$429,132$124,985$1,233,932
16$1,877,451$450,588$131,234$1,295,629
17$1,971,324$473,118$137,796$1,360,410
18$2,069,890$496,774$144,685$1,428,431
19$2,173,384$521,612$151,920$1,499,853
20$2,282,054$547,693$159,516$1,574,845
21$2,396,156$575,078$167,491$1,653,587
22$2,515,964$603,831$175,866$1,736,267
23$2,641,762$634,023$184,659$1,823,080
24$2,773,850$665,724$193,892$1,914,234
25$2,912,543$699,010$203,587$2,009,946
26$3,058,170$733,961$213,766$2,110,443
27$3,211,079$770,659$224,454$2,215,965
28$3,371,633$809,192$235,677$2,326,764
29$3,540,214$849,651$247,461$2,443,102
30$3,717,225$892,134$259,834$2,565,257
Total$60,000,000$14,400,000$4,194,000$41,406,000
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