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Mega Millions Annuity Jackpot Analysis for Connecticut (Apr. 14, 2020 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 $145,000,000 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:  Apr. 14, 2020
Jackpot:$145,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,182,458$523,790$152,554$1,506,114
2$2,291,581$549,979$160,182$1,581,420
3$2,406,160$577,478$168,191$1,660,491
4$2,526,468$606,352$176,600$1,743,516
5$2,652,791$636,670$185,430$1,830,691
6$2,785,431$668,503$194,702$1,922,226
7$2,924,703$701,929$204,437$2,018,337
8$3,070,938$737,025$214,659$2,119,254
9$3,224,485$773,876$225,391$2,225,217
10$3,385,709$812,570$236,661$2,336,478
11$3,554,994$853,199$248,494$2,453,302
12$3,732,744$895,859$260,919$2,575,967
13$3,919,381$940,651$273,965$2,704,765
14$4,115,350$987,684$287,663$2,840,003
15$4,321,118$1,037,068$302,046$2,982,003
16$4,537,174$1,088,922$317,148$3,131,104
17$4,764,032$1,143,368$333,006$3,287,659
18$5,002,234$1,200,536$349,656$3,452,042
19$5,252,346$1,260,563$367,139$3,624,644
20$5,514,963$1,323,591$385,496$3,805,876
21$5,790,711$1,389,771$404,771$3,996,170
22$6,080,247$1,459,259$425,009$4,195,978
23$6,384,259$1,532,222$446,260$4,405,777
24$6,703,472$1,608,833$468,573$4,626,066
25$7,038,645$1,689,275$492,001$4,857,369
26$7,390,578$1,773,739$516,601$5,100,238
27$7,760,107$1,862,426$542,431$5,355,250
28$8,148,112$1,955,547$569,553$5,623,012
29$8,555,518$2,053,324$598,031$5,904,163
30$8,983,293$2,155,990$627,932$6,199,371
Total$145,000,000$34,800,000$10,135,500$100,064,500
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