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Mega Millions Annuity Jackpot Analysis for Idaho (Apr. 14, 2020 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 $145,000,000 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:  Apr. 14, 2020
Jackpot:$145,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,182,458$523,790$151,135$1,507,533
2$2,291,581$549,979$158,692$1,582,910
3$2,406,160$577,478$166,627$1,662,055
4$2,526,468$606,352$174,958$1,745,158
5$2,652,791$636,670$183,706$1,832,416
6$2,785,431$668,503$192,891$1,924,036
7$2,924,703$701,929$202,536$2,020,238
8$3,070,938$737,025$212,662$2,121,250
9$3,224,485$773,876$223,296$2,227,313
10$3,385,709$812,570$234,460$2,338,678
11$3,554,994$853,199$246,183$2,455,612
12$3,732,744$895,859$258,493$2,578,393
13$3,919,381$940,651$271,417$2,707,313
14$4,115,350$987,684$284,988$2,842,678
15$4,321,118$1,037,068$299,237$2,984,812
16$4,537,174$1,088,922$314,199$3,134,053
17$4,764,032$1,143,368$329,909$3,290,755
18$5,002,234$1,200,536$346,405$3,455,293
19$5,252,346$1,260,563$363,725$3,628,058
20$5,514,963$1,323,591$381,911$3,809,461
21$5,790,711$1,389,771$401,007$3,999,934
22$6,080,247$1,459,259$421,057$4,199,930
23$6,384,259$1,532,222$442,110$4,409,927
24$6,703,472$1,608,833$464,215$4,630,423
25$7,038,645$1,689,275$487,426$4,861,944
26$7,390,578$1,773,739$511,798$5,105,042
27$7,760,107$1,862,426$537,387$5,360,294
28$8,148,112$1,955,547$564,257$5,628,308
29$8,555,518$2,053,324$592,470$5,909,724
30$8,983,293$2,155,990$622,093$6,205,210
Total$145,000,000$34,800,000$10,041,250$100,158,750
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