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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 $31,000,000 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, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$32,312$322,300
2$489,924$117,582$33,927$338,415
3$514,420$123,461$35,624$355,336
4$540,141$129,634$37,405$373,103
5$567,149$136,116$39,275$391,758
6$595,506$142,921$41,239$411,346
7$625,281$150,068$43,301$431,913
8$656,545$157,571$45,466$453,509
9$689,373$165,449$47,739$476,184
10$723,841$173,722$50,126$499,993
11$760,033$182,408$52,632$524,993
12$798,035$191,528$55,264$551,243
13$837,937$201,105$58,027$578,805
14$879,834$211,160$60,928$607,745
15$923,825$221,718$63,975$638,132
16$970,016$232,804$67,174$670,039
17$1,018,517$244,444$70,532$703,541
18$1,069,443$256,666$74,059$738,718
19$1,122,915$269,500$77,762$775,654
20$1,179,061$282,975$81,650$814,436
21$1,238,014$297,123$85,732$855,158
22$1,299,915$311,980$90,019$897,916
23$1,364,911$327,579$94,520$942,812
24$1,433,156$343,957$99,246$989,953
25$1,504,814$361,155$104,208$1,039,450
26$1,580,055$379,213$109,419$1,091,423
27$1,659,057$398,174$114,890$1,145,994
28$1,742,010$418,082$120,634$1,203,293
29$1,829,111$438,987$126,666$1,263,458
30$1,920,566$460,936$132,999$1,326,631
Total$31,000,000$7,440,000$2,146,750$21,413,250
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