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Mega Millions Annuity Jackpot Analysis for Idaho (Nov. 6, 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 $70,000,000 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. 6, 2018
Jackpot:$70,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$252,864$72,962$727,775
2$1,106,280$265,507$76,610$764,163
3$1,161,594$278,783$80,440$802,371
4$1,219,674$292,722$84,462$842,490
5$1,280,658$307,358$88,686$884,614
6$1,344,691$322,726$93,120$928,845
7$1,411,925$338,862$97,776$975,287
8$1,482,522$355,805$102,665$1,024,052
9$1,556,648$373,595$107,798$1,075,254
10$1,634,480$392,275$113,188$1,129,017
11$1,716,204$411,889$118,847$1,185,468
12$1,802,014$432,483$124,789$1,244,741
13$1,892,115$454,108$131,029$1,306,978
14$1,986,721$476,813$137,580$1,372,327
15$2,086,057$500,654$144,459$1,440,944
16$2,190,360$525,686$151,682$1,512,991
17$2,299,878$551,971$159,267$1,588,640
18$2,414,872$579,569$167,230$1,668,073
19$2,535,615$608,548$175,591$1,751,476
20$2,662,396$638,975$184,371$1,839,050
21$2,795,516$670,924$193,589$1,931,002
22$2,935,291$704,470$203,269$2,027,553
23$3,082,056$739,693$213,432$2,128,930
24$3,236,159$776,678$224,104$2,235,377
25$3,397,967$815,512$235,309$2,347,146
26$3,567,865$856,288$247,075$2,464,503
27$3,746,258$899,102$259,428$2,587,728
28$3,933,571$944,057$272,400$2,717,114
29$4,130,250$991,260$286,020$2,852,970
30$4,336,762$1,040,823$300,321$2,995,619
Total$70,000,000$16,800,000$4,847,500$48,352,500
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