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Mega Millions Annuity Jackpot Analysis for Idaho (Dec. 21, 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$317,905$3,171,018
2$4,820,222$1,156,853$333,800$3,329,568
3$5,061,233$1,214,696$350,490$3,496,047
4$5,314,295$1,275,431$368,015$3,670,849
5$5,580,009$1,339,202$386,416$3,854,392
6$5,859,010$1,406,162$405,736$4,047,111
7$6,151,961$1,476,471$426,023$4,249,467
8$6,459,559$1,550,294$447,324$4,461,940
9$6,782,537$1,627,809$469,691$4,685,037
10$7,121,663$1,709,199$493,175$4,919,289
11$7,477,747$1,794,659$517,834$5,165,253
12$7,851,634$1,884,392$543,726$5,423,516
13$8,244,216$1,978,612$570,912$5,694,692
14$8,656,426$2,077,542$599,458$5,979,427
15$9,089,248$2,181,419$629,430$6,278,398
16$9,543,710$2,290,490$660,902$6,592,318
17$10,020,895$2,405,015$693,947$6,921,934
18$10,521,940$2,525,266$728,644$7,268,030
19$11,048,037$2,651,529$765,077$7,631,432
20$11,600,439$2,784,105$803,330$8,013,003
21$12,180,461$2,923,311$843,497$8,413,653
22$12,789,484$3,069,476$885,672$8,834,336
23$13,428,958$3,222,950$929,955$9,276,053
24$14,100,406$3,384,097$976,453$9,739,856
25$14,805,427$3,553,302$1,025,276$10,226,848
26$15,545,698$3,730,968$1,076,540$10,738,191
27$16,322,983$3,917,516$1,130,367$11,275,100
28$17,139,132$4,113,392$1,186,885$11,838,855
29$17,996,089$4,319,061$1,246,229$12,430,798
30$18,895,893$4,535,014$1,308,541$13,052,338
Total$305,000,001$73,200,000$21,121,250$210,678,750
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