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Mega Millions Annuity Jackpot Analysis for Idaho (Nov. 2, 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 $52,000,000 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:  Nov. 2, 2018
Jackpot:$52,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$782,675$187,842$54,200$540,632
2$821,808$197,234$56,910$567,664
3$862,899$207,096$59,756$596,047
4$906,044$217,450$62,744$625,850
5$951,346$228,323$65,881$657,142
6$998,913$239,739$69,175$689,999
7$1,048,859$251,726$72,633$724,499
8$1,101,302$264,312$76,265$760,724
9$1,156,367$277,528$80,078$798,760
10$1,214,185$291,404$84,082$838,698
11$1,274,895$305,975$88,286$880,633
12$1,338,639$321,273$92,701$924,665
13$1,405,571$337,337$97,336$970,898
14$1,475,850$354,204$102,203$1,019,443
15$1,549,642$371,914$107,313$1,070,415
16$1,627,124$390,510$112,678$1,123,936
17$1,708,481$410,035$118,312$1,180,133
18$1,793,905$430,537$124,228$1,239,140
19$1,883,600$452,064$130,439$1,301,097
20$1,977,780$474,667$136,961$1,366,151
21$2,076,669$498,401$143,809$1,434,459
22$2,180,502$523,321$151,000$1,506,182
23$2,289,527$549,487$158,550$1,581,491
24$2,404,004$576,961$166,477$1,660,566
25$2,524,204$605,809$174,801$1,743,594
26$2,650,414$636,099$183,541$1,830,774
27$2,782,935$667,904$192,718$1,922,312
28$2,922,082$701,300$202,354$2,018,428
29$3,068,186$736,365$212,472$2,119,349
30$3,221,595$773,183$223,095$2,225,317
Total$52,000,000$12,480,000$3,601,000$35,919,000
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