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Mega Millions Annuity Jackpot Analysis for Connecticut (Apr. 3, 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 $121,000,000 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. 3, 2020
Jackpot:$121,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,821,224$437,094$127,304$1,256,826
2$1,912,285$458,948$133,669$1,319,668
3$2,007,899$481,896$140,352$1,385,651
4$2,108,294$505,991$147,370$1,454,934
5$2,213,709$531,290$154,738$1,527,680
6$2,324,394$557,855$162,475$1,604,064
7$2,440,614$585,747$170,599$1,684,268
8$2,562,645$615,035$179,129$1,768,481
9$2,690,777$645,786$188,085$1,856,905
10$2,825,316$678,076$197,490$1,949,750
11$2,966,581$711,980$207,364$2,047,238
12$3,114,911$747,579$217,732$2,149,600
13$3,270,656$784,957$228,619$2,257,080
14$3,434,189$824,205$240,050$2,369,934
15$3,605,898$865,416$252,052$2,488,430
16$3,786,193$908,686$264,655$2,612,852
17$3,975,503$954,121$277,888$2,743,494
18$4,174,278$1,001,827$291,782$2,880,669
19$4,382,992$1,051,918$306,371$3,024,703
20$4,602,141$1,104,514$321,690$3,175,938
21$4,832,248$1,159,740$337,774$3,334,735
22$5,073,861$1,217,727$354,663$3,501,471
23$5,327,554$1,278,613$372,396$3,676,545
24$5,593,932$1,342,544$391,016$3,860,372
25$5,873,628$1,409,671$410,567$4,053,391
26$6,167,310$1,480,154$431,095$4,256,060
27$6,475,675$1,554,162$452,650$4,468,863
28$6,799,459$1,631,870$475,282$4,692,307
29$7,139,432$1,713,464$499,046$4,926,922
30$7,496,404$1,799,137$523,999$5,173,268
Total$121,000,000$29,040,000$8,457,900$83,502,100
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