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Mega Millions Annuity Jackpot Analysis for Connecticut (Nov. 2, 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 $52,000,000 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:  Nov. 2, 2018
Jackpot:$52,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$782,675$187,842$54,709$540,124
2$821,808$197,234$57,444$567,130
3$862,899$207,096$60,317$595,486
4$906,044$217,450$63,332$625,261
5$951,346$228,323$66,499$656,524
6$998,913$239,739$69,824$689,350
7$1,048,859$251,726$73,315$723,818
8$1,101,302$264,312$76,981$760,008
9$1,156,367$277,528$80,830$798,009
10$1,214,185$291,404$84,872$837,909
11$1,274,895$305,975$89,115$879,805
12$1,338,639$321,273$93,571$923,795
13$1,405,571$337,337$98,249$969,985
14$1,475,850$354,204$103,162$1,018,484
15$1,549,642$371,914$108,320$1,069,408
16$1,627,124$390,510$113,736$1,122,879
17$1,708,481$410,035$119,423$1,179,022
18$1,793,905$430,537$125,394$1,237,974
19$1,883,600$452,064$131,664$1,299,872
20$1,977,780$474,667$138,247$1,364,866
21$2,076,669$498,401$145,159$1,433,109
22$2,180,502$523,321$152,417$1,504,765
23$2,289,527$549,487$160,038$1,580,003
24$2,404,004$576,961$168,040$1,659,003
25$2,524,204$605,809$176,442$1,741,953
26$2,650,414$636,099$185,264$1,829,051
27$2,782,935$667,904$194,527$1,920,503
28$2,922,082$701,300$204,253$2,016,528
29$3,068,186$736,365$214,466$2,117,355
30$3,221,595$773,183$225,189$2,223,223
Total$52,000,000$12,480,000$3,634,800$35,885,200
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