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Mega Millions Annuity Jackpot Analysis for Idaho (Jan. 8, 2019 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 $45,000,000 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:  Jan. 8, 2019
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$46,904$467,855
2$711,180$170,683$49,249$491,248
3$746,739$179,217$51,712$515,810
4$784,076$188,178$54,297$541,601
5$823,280$197,587$57,012$568,681
6$864,444$207,467$59,863$597,115
7$907,666$217,840$62,856$626,971
8$953,050$228,732$65,999$658,319
9$1,000,702$240,169$69,299$691,235
10$1,050,737$252,177$72,764$725,797
11$1,103,274$264,786$76,402$762,087
12$1,158,438$278,025$80,222$800,191
13$1,216,360$291,926$84,233$840,200
14$1,277,178$306,523$88,445$882,210
15$1,341,037$321,849$92,867$926,321
16$1,408,088$337,941$97,510$972,637
17$1,478,493$354,838$102,386$1,021,269
18$1,552,417$372,580$107,505$1,072,332
19$1,630,038$391,209$112,880$1,125,949
20$1,711,540$410,770$118,524$1,182,246
21$1,797,117$431,308$124,450$1,241,359
22$1,886,973$452,874$130,673$1,303,427
23$1,981,322$475,517$137,207$1,368,598
24$2,080,388$499,293$144,067$1,437,028
25$2,184,407$524,258$151,270$1,508,879
26$2,293,628$550,471$158,834$1,584,323
27$2,408,309$577,994$166,775$1,663,539
28$2,528,724$606,894$175,114$1,746,716
29$2,655,161$637,239$183,870$1,834,052
30$2,787,919$669,100$193,063$1,925,755
Total$45,000,000$10,800,000$3,116,250$31,083,750
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