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Mega Millions Annuity Jackpot Analysis for Idaho (Nov. 9, 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 $90,000,000 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. 9, 2018
Jackpot:$90,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$325,111$93,808$935,710
2$1,422,361$341,367$98,498$982,496
3$1,493,479$358,435$103,423$1,031,620
4$1,568,153$376,357$108,595$1,083,201
5$1,646,560$395,174$114,024$1,137,361
6$1,728,888$414,933$119,726$1,194,230
7$1,815,333$435,680$125,712$1,253,941
8$1,906,099$457,464$131,997$1,316,638
9$2,001,404$480,337$138,597$1,382,470
10$2,101,474$504,354$145,527$1,451,593
11$2,206,548$529,572$152,803$1,524,173
12$2,316,876$556,050$160,444$1,600,382
13$2,432,719$583,853$168,466$1,680,401
14$2,554,355$613,045$176,889$1,764,421
15$2,682,073$643,698$185,734$1,852,642
16$2,816,177$675,882$195,020$1,945,274
17$2,956,986$709,677$204,771$2,042,538
18$3,104,835$745,160$215,010$2,144,665
19$3,260,077$782,418$225,760$2,251,898
20$3,423,080$821,539$237,048$2,364,493
21$3,594,234$862,616$248,901$2,482,717
22$3,773,946$905,747$261,346$2,606,853
23$3,962,643$951,034$274,413$2,737,196
24$4,160,776$998,586$288,134$2,874,056
25$4,368,814$1,048,515$302,540$3,017,759
26$4,587,255$1,100,941$317,667$3,168,647
27$4,816,618$1,155,988$333,551$3,327,079
28$5,057,449$1,213,788$350,228$3,493,433
29$5,310,321$1,274,477$367,740$3,668,104
30$5,575,837$1,338,201$386,127$3,851,510
Total$90,000,000$21,600,000$6,232,500$62,167,500
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