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Mega Millions Annuity Jackpot Analysis for Idaho (Jul. 28, 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 $20,000,000 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$20,846$207,936
2$316,080$75,859$21,889$218,332
3$331,884$79,652$22,983$229,249
4$348,478$83,635$24,132$240,711
5$365,902$87,817$25,339$252,747
6$384,197$92,207$26,606$265,384
7$403,407$96,818$27,936$278,654
8$423,578$101,659$29,333$292,586
9$444,757$106,742$30,799$307,216
10$466,994$112,079$32,339$322,576
11$490,344$117,683$33,956$338,705
12$514,861$123,567$35,654$355,640
13$540,604$129,745$37,437$373,422
14$567,635$136,232$39,309$392,094
15$596,016$143,044$41,274$411,698
16$625,817$150,196$43,338$432,283
17$657,108$157,706$45,505$453,897
18$689,963$165,591$47,780$476,592
19$724,461$173,871$50,169$500,422
20$760,685$182,564$52,677$525,443
21$798,719$191,693$55,311$551,715
22$838,655$201,277$58,077$579,301
23$880,587$211,341$60,981$608,266
24$924,617$221,908$64,030$638,679
25$970,848$233,003$67,231$670,613
26$1,019,390$244,654$70,593$704,144
27$1,070,360$256,886$74,122$739,351
28$1,123,878$269,731$77,829$776,318
29$1,180,071$283,217$81,720$815,134
30$1,239,075$297,378$85,806$855,891
Total$20,000,000$4,800,000$1,385,000$13,815,000
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