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Mega Millions Annuity Jackpot Analysis for Connecticut (Dec. 21, 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$320,889$3,168,034
2$4,820,222$1,156,853$336,934$3,326,435
3$5,061,233$1,214,696$353,780$3,492,757
4$5,314,295$1,275,431$371,469$3,667,395
5$5,580,009$1,339,202$390,043$3,850,765
6$5,859,010$1,406,162$409,545$4,043,303
7$6,151,961$1,476,471$430,022$4,245,468
8$6,459,559$1,550,294$451,523$4,457,741
9$6,782,537$1,627,809$474,099$4,680,629
10$7,121,663$1,709,199$497,804$4,914,660
11$7,477,747$1,794,659$522,694$5,160,393
12$7,851,634$1,884,392$548,829$5,418,413
13$8,244,216$1,978,612$576,271$5,689,333
14$8,656,426$2,077,542$605,084$5,973,800
15$9,089,248$2,181,419$635,338$6,272,490
16$9,543,710$2,290,490$667,105$6,586,114
17$10,020,895$2,405,015$700,461$6,915,420
18$10,521,940$2,525,266$735,484$7,261,191
19$11,048,037$2,651,529$772,258$7,624,251
20$11,600,439$2,784,105$810,871$8,005,463
21$12,180,461$2,923,311$851,414$8,405,736
22$12,789,484$3,069,476$893,985$8,826,023
23$13,428,958$3,222,950$938,684$9,267,324
24$14,100,406$3,384,097$985,618$9,730,690
25$14,805,427$3,553,302$1,034,899$10,217,225
26$15,545,698$3,730,968$1,086,644$10,728,086
27$16,322,983$3,917,516$1,140,977$11,264,491
28$17,139,132$4,113,392$1,198,025$11,827,715
29$17,996,089$4,319,061$1,257,927$12,419,101
30$18,895,893$4,535,014$1,320,823$13,040,056
Total$305,000,001$73,200,000$21,319,500$210,480,500
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