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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 $245,000,000 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:  Tue, Feb 26, 2019
Jackpot:$245,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$119,110$2,683,468
2$3,871,982$929,276$125,065$2,817,641
3$4,065,581$975,739$131,318$2,958,523
4$4,268,860$1,024,526$137,884$3,106,449
5$4,482,303$1,075,753$144,778$3,261,772
6$4,706,418$1,129,540$152,017$3,424,860
7$4,941,739$1,186,017$159,618$3,596,103
8$5,188,826$1,245,318$167,599$3,775,909
9$5,448,267$1,307,584$175,979$3,964,704
10$5,720,680$1,372,963$184,778$4,162,939
11$6,006,714$1,441,611$194,017$4,371,086
12$6,307,050$1,513,692$203,718$4,589,640
13$6,622,403$1,589,377$213,904$4,819,122
14$6,953,523$1,668,845$224,599$5,060,079
15$7,301,199$1,752,288$235,829$5,313,082
16$7,666,259$1,839,902$247,620$5,578,737
17$8,049,572$1,931,897$260,001$5,857,673
18$8,452,050$2,028,492$273,001$6,150,557
19$8,874,653$2,129,917$286,651$6,458,085
20$9,318,386$2,236,413$300,984$6,780,989
21$9,784,305$2,348,233$316,033$7,120,039
22$10,273,520$2,465,645$331,835$7,476,041
23$10,787,196$2,588,927$348,426$7,849,843
24$11,326,556$2,718,373$365,848$8,242,335
25$11,892,884$2,854,292$384,140$8,654,451
26$12,487,528$2,997,007$403,347$9,087,174
27$13,111,904$3,146,857$423,515$9,541,533
28$13,767,499$3,304,200$444,690$10,018,609
29$14,455,874$3,469,410$466,925$10,519,540
30$15,178,668$3,642,880$490,271$11,045,517
Total$245,000,000$58,800,000$7,913,500$178,286,500
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