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Mega Millions Annuity Jackpot Analysis for Connecticut (Jul. 31, 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 $22,000,000 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:  Jul. 31, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$23,146$228,514
2$347,688$83,445$24,303$239,940
3$365,073$87,617$25,519$251,937
4$383,326$91,998$26,795$264,533
5$402,492$96,598$28,134$277,760
6$422,617$101,428$29,541$291,648
7$443,748$106,500$31,018$306,230
8$465,935$111,824$32,569$321,542
9$489,232$117,416$34,197$337,619
10$513,694$123,287$35,907$354,500
11$539,378$129,451$37,703$372,225
12$566,347$135,923$39,588$390,836
13$594,665$142,720$41,567$410,378
14$624,398$149,856$43,645$430,897
15$655,618$157,348$45,828$452,442
16$688,399$165,216$48,119$475,064
17$722,819$173,476$50,525$498,817
18$758,960$182,150$53,051$523,758
19$796,908$191,258$55,704$549,946
20$836,753$200,821$58,489$577,443
21$878,591$210,862$61,413$606,315
22$922,520$221,405$64,484$636,631
23$968,646$232,475$67,708$668,463
24$1,017,078$244,099$71,094$701,886
25$1,067,932$256,304$74,648$736,980
26$1,121,329$269,119$78,381$773,829
27$1,177,395$282,575$82,300$812,521
28$1,236,265$296,704$86,415$853,147
29$1,298,079$311,539$90,736$895,804
30$1,362,982$327,116$95,272$940,594
Total$22,000,000$5,280,000$1,537,800$15,182,200
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