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Mega Millions Annuity Jackpot Analysis for Indiana

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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 $31,000,000 would be for a resident of Indiana, 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:

Indiana

Drawing Date:  Fri, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$15,071$339,541
2$489,924$117,582$15,825$356,518
3$514,420$123,461$16,616$374,344
4$540,141$129,634$17,447$393,061
5$567,149$136,116$18,319$412,714
6$595,506$142,921$19,235$433,350
7$625,281$150,068$20,197$455,017
8$656,545$157,571$21,206$477,768
9$689,373$165,449$22,267$501,656
10$723,841$173,722$23,380$526,739
11$760,033$182,408$24,549$553,076
12$798,035$191,528$25,777$580,730
13$837,937$201,105$27,065$609,767
14$879,834$211,160$28,419$640,255
15$923,825$221,718$29,840$672,268
16$970,016$232,804$31,332$705,881
17$1,018,517$244,444$32,898$741,175
18$1,069,443$256,666$34,543$778,234
19$1,122,915$269,500$36,270$817,145
20$1,179,061$282,975$38,084$858,003
21$1,238,014$297,123$39,988$900,903
22$1,299,915$311,980$41,987$945,948
23$1,364,911$327,579$44,087$993,245
24$1,433,156$343,957$46,291$1,042,908
25$1,504,814$361,155$48,605$1,095,053
26$1,580,055$379,213$51,036$1,149,806
27$1,659,057$398,174$53,588$1,207,296
28$1,742,010$418,082$56,267$1,267,661
29$1,829,111$438,987$59,080$1,331,044
30$1,920,566$460,936$62,034$1,397,596
Total$31,000,000$7,440,000$1,001,300$22,558,700
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