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Mega Millions Annuity Jackpot Analysis for Connecticut (Oct. 16, 2018 Drawing)

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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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$701,748$6,928,126
2$10,541,273$2,529,905$736,835$7,274,532
3$11,068,336$2,656,401$773,677$7,638,259
4$11,621,753$2,789,221$812,361$8,020,172
5$12,202,840$2,928,682$852,979$8,421,180
6$12,812,983$3,075,116$895,627$8,842,239
7$13,453,632$3,228,872$940,409$9,284,352
8$14,126,314$3,390,315$987,429$9,748,569
9$14,832,629$3,559,831$1,036,801$10,235,997
10$15,574,261$3,737,823$1,088,641$10,747,797
11$16,352,974$3,924,714$1,143,073$11,285,187
12$17,170,622$4,120,949$1,200,227$11,849,446
13$18,029,153$4,326,997$1,260,238$12,441,919
14$18,930,611$4,543,347$1,323,250$13,064,015
15$19,877,142$4,770,514$1,389,412$13,717,215
16$20,870,999$5,009,040$1,458,883$14,403,076
17$21,914,548$5,259,492$1,531,827$15,123,230
18$23,010,276$5,522,466$1,608,418$15,879,392
19$24,160,790$5,798,590$1,688,839$16,673,361
20$25,368,829$6,088,519$1,773,281$17,507,029
21$26,637,271$6,392,945$1,861,945$18,382,380
22$27,969,134$6,712,592$1,955,042$19,301,500
23$29,367,591$7,048,222$2,052,795$20,266,575
24$30,835,970$7,400,633$2,155,434$21,279,903
25$32,377,769$7,770,665$2,263,206$22,343,898
26$33,996,658$8,159,198$2,376,366$23,461,094
27$35,696,491$8,567,158$2,495,185$24,634,148
28$37,481,315$8,995,516$2,619,944$25,865,855
29$39,355,381$9,445,291$2,750,941$27,159,148
30$41,323,150$9,917,556$2,888,488$28,517,106
Total$667,000,001$160,080,000$46,623,300$460,296,701
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