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Mega Millions Annuity Jackpot Analysis for Connecticut (Aug. 7, 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 $55,000,000 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:  Aug. 7, 2018
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$57,865$571,285
2$869,220$208,613$60,759$599,849
3$912,681$219,044$63,796$629,841
4$958,315$229,996$66,986$661,334
5$1,006,231$241,495$70,336$694,400
6$1,056,543$253,570$73,852$729,120
7$1,109,370$266,249$77,545$765,576
8$1,164,838$279,561$81,422$803,855
9$1,223,080$293,539$85,493$844,048
10$1,284,234$308,216$89,768$886,250
11$1,348,446$323,627$94,256$930,563
12$1,415,868$339,808$98,969$977,091
13$1,486,662$356,799$103,918$1,025,945
14$1,560,995$374,639$109,114$1,077,243
15$1,639,045$393,371$114,569$1,131,105
16$1,720,997$413,039$120,298$1,187,660
17$1,807,047$433,691$126,313$1,247,043
18$1,897,399$455,376$132,628$1,309,395
19$1,992,269$478,145$139,260$1,374,865
20$2,091,882$502,052$146,223$1,443,608
21$2,196,477$527,154$153,534$1,515,788
22$2,306,300$553,512$161,210$1,591,578
23$2,421,615$581,188$169,271$1,671,157
24$2,542,696$610,247$177,734$1,754,715
25$2,669,831$640,759$186,621$1,842,450
26$2,803,323$672,797$195,952$1,934,573
27$2,943,489$706,437$205,750$2,031,302
28$3,090,663$741,759$216,037$2,132,867
29$3,245,196$778,847$226,839$2,239,510
30$3,407,456$817,789$238,181$2,351,485
Total$55,000,000$13,200,000$3,844,500$37,955,500
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