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Mega Millions Annuity Jackpot Analysis for Idaho

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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 Idaho, 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:

Idaho

Drawing Date:  Fri, Jun 21, 2019
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$57,327$571,823
2$869,220$208,613$60,194$600,414
3$912,681$219,044$63,203$630,435
4$958,315$229,996$66,363$661,956
5$1,006,231$241,495$69,682$695,054
6$1,056,543$253,570$73,166$729,807
7$1,109,370$266,249$76,824$766,297
8$1,164,838$279,561$80,665$804,612
9$1,223,080$293,539$84,698$844,843
10$1,284,234$308,216$88,933$887,085
11$1,348,446$323,627$93,380$931,439
12$1,415,868$339,808$98,049$978,011
13$1,486,662$356,799$102,951$1,026,912
14$1,560,995$374,639$108,099$1,078,257
15$1,639,045$393,371$113,504$1,132,170
16$1,720,997$413,039$119,179$1,188,779
17$1,807,047$433,691$125,138$1,248,218
18$1,897,399$455,376$131,395$1,310,628
19$1,992,269$478,145$137,965$1,376,160
20$2,091,882$502,052$144,863$1,444,968
21$2,196,477$527,154$152,106$1,517,216
22$2,306,300$553,512$159,711$1,593,077
23$2,421,615$581,188$167,697$1,672,731
24$2,542,696$610,247$176,082$1,756,367
25$2,669,831$640,759$184,886$1,844,186
26$2,803,323$672,797$194,130$1,936,395
27$2,943,489$706,437$203,837$2,033,215
28$3,090,663$741,759$214,028$2,134,876
29$3,245,196$778,847$224,730$2,241,619
30$3,407,456$817,789$235,966$2,353,700
Total$55,000,000$13,200,000$3,808,750$37,991,250
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