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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 $60,000,000 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, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$29,170$657,176
2$948,240$227,578$30,628$690,035
3$995,652$238,957$32,160$724,536
4$1,045,435$250,904$33,768$760,763
5$1,097,707$263,450$35,456$798,801
6$1,152,592$276,622$37,229$838,741
7$1,210,222$290,453$39,090$880,678
8$1,270,733$304,976$41,045$924,712
9$1,334,270$320,225$43,097$970,948
10$1,400,983$336,236$45,252$1,019,495
11$1,471,032$353,048$47,514$1,070,470
12$1,544,584$370,700$49,890$1,123,994
13$1,621,813$389,235$52,385$1,180,193
14$1,702,904$408,697$55,004$1,239,203
15$1,788,049$429,132$57,754$1,301,163
16$1,877,451$450,588$60,642$1,366,221
17$1,971,324$473,118$63,674$1,434,532
18$2,069,890$496,774$66,857$1,506,259
19$2,173,384$521,612$70,200$1,581,572
20$2,282,054$547,693$73,710$1,660,650
21$2,396,156$575,078$77,396$1,743,683
22$2,515,964$603,831$81,266$1,830,867
23$2,641,762$634,023$85,329$1,922,410
24$2,773,850$665,724$89,595$2,018,531
25$2,912,543$699,010$94,075$2,119,457
26$3,058,170$733,961$98,779$2,225,430
27$3,211,079$770,659$103,718$2,336,702
28$3,371,633$809,192$108,904$2,453,537
29$3,540,214$849,651$114,349$2,576,214
30$3,717,225$892,134$120,066$2,705,025
Total$60,000,000$14,400,000$1,938,000$43,662,000
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