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Mega Millions Annuity Jackpot Analysis for Connecticut (Oct. 26, 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 $40,000,000 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. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$42,084$415,480
2$632,160$151,718$44,188$436,254
3$663,768$159,304$46,397$458,066
4$696,957$167,270$48,717$480,970
5$731,805$175,633$51,153$505,018
6$768,395$184,415$53,711$530,269
7$806,815$193,635$56,396$556,783
8$847,155$203,317$59,216$584,622
9$889,513$213,483$62,177$613,853
10$933,989$224,157$65,286$644,546
11$980,688$235,365$68,550$676,773
12$1,029,722$247,133$71,978$710,611
13$1,081,209$259,490$75,576$746,142
14$1,135,269$272,465$79,355$783,449
15$1,192,032$286,088$83,323$822,622
16$1,251,634$300,392$87,489$863,753
17$1,314,216$315,412$91,864$906,940
18$1,379,927$331,182$96,457$952,287
19$1,448,923$347,742$101,280$999,902
20$1,521,369$365,129$106,344$1,049,897
21$1,597,438$383,385$111,661$1,102,392
22$1,677,309$402,554$117,244$1,157,511
23$1,761,175$422,682$123,106$1,215,387
24$1,849,234$443,816$129,261$1,276,156
25$1,941,695$466,007$135,725$1,339,964
26$2,038,780$489,307$142,511$1,406,962
27$2,140,719$513,773$149,636$1,477,310
28$2,247,755$539,461$157,118$1,551,176
29$2,360,143$566,434$164,974$1,628,735
30$2,478,150$594,756$173,223$1,710,171
Total$40,000,000$9,600,000$2,796,000$27,604,000
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