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Mega Millions Annuity Jackpot Analysis for Connecticut (Oct. 30, 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 $45,000,000 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. 30, 2018
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$47,344$467,415
2$711,180$170,683$49,712$490,786
3$746,739$179,217$52,197$515,325
4$784,076$188,178$54,807$541,091
5$823,280$197,587$57,547$568,146
6$864,444$207,467$60,425$596,553
7$907,666$217,840$63,446$626,381
8$953,050$228,732$66,618$657,700
9$1,000,702$240,169$69,949$690,585
10$1,050,737$252,177$73,447$725,114
11$1,103,274$264,786$77,119$761,369
12$1,158,438$278,025$80,975$799,438
13$1,216,360$291,926$85,024$839,410
14$1,277,178$306,523$89,275$881,380
15$1,341,037$321,849$93,738$925,449
16$1,408,088$337,941$98,425$971,722
17$1,478,493$354,838$103,347$1,020,308
18$1,552,417$372,580$108,514$1,071,323
19$1,630,038$391,209$113,940$1,124,889
20$1,711,540$410,770$119,637$1,181,134
21$1,797,117$431,308$125,618$1,240,191
22$1,886,973$452,874$131,899$1,302,200
23$1,981,322$475,517$138,494$1,367,310
24$2,080,388$499,293$145,419$1,435,676
25$2,184,407$524,258$152,690$1,507,459
26$2,293,628$550,471$160,325$1,582,832
27$2,408,309$577,994$168,341$1,661,974
28$2,528,724$606,894$176,758$1,745,073
29$2,655,161$637,239$185,596$1,832,326
30$2,787,919$669,100$194,876$1,923,943
Total$45,000,000$10,800,000$3,145,500$31,054,500
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