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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 $245,000,000 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:  Tue, Feb 26, 2019
Jackpot:$245,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$255,366$2,547,211
2$3,871,982$929,276$268,135$2,674,571
3$4,065,581$975,739$281,541$2,808,300
4$4,268,860$1,024,526$295,619$2,948,715
5$4,482,303$1,075,753$310,399$3,096,151
6$4,706,418$1,129,540$325,919$3,250,958
7$4,941,739$1,186,017$342,215$3,413,506
8$5,188,826$1,245,318$359,326$3,584,181
9$5,448,267$1,307,584$377,292$3,763,391
10$5,720,680$1,372,963$396,157$3,951,560
11$6,006,714$1,441,611$415,965$4,149,138
12$6,307,050$1,513,692$436,763$4,356,595
13$6,622,403$1,589,377$458,601$4,574,425
14$6,953,523$1,668,845$481,531$4,803,146
15$7,301,199$1,752,288$505,608$5,043,303
16$7,666,259$1,839,902$530,888$5,295,468
17$8,049,572$1,931,897$557,433$5,560,242
18$8,452,050$2,028,492$585,304$5,838,254
19$8,874,653$2,129,917$614,570$6,130,166
20$9,318,386$2,236,413$645,298$6,436,675
21$9,784,305$2,348,233$677,563$6,758,509
22$10,273,520$2,465,645$711,441$7,096,434
23$10,787,196$2,588,927$747,013$7,451,256
24$11,326,556$2,718,373$784,364$7,823,818
25$11,892,884$2,854,292$823,582$8,215,009
26$12,487,528$2,997,007$864,761$8,625,760
27$13,111,904$3,146,857$907,999$9,057,048
28$13,767,499$3,304,200$953,399$9,509,900
29$14,455,874$3,469,410$1,001,069$9,985,395
30$15,178,668$3,642,880$1,051,123$10,484,665
Total$245,000,000$58,800,000$16,966,250$169,233,750
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