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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 $109,000,000 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, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$52,992$1,193,869
2$1,722,637$413,433$55,641$1,253,563
3$1,808,769$434,104$58,423$1,316,241
4$1,899,207$455,810$61,344$1,382,053
5$1,994,167$478,600$64,412$1,451,156
6$2,093,876$502,530$67,632$1,523,713
7$2,198,570$527,657$71,014$1,599,899
8$2,308,498$554,040$74,564$1,679,894
9$2,423,923$581,742$78,293$1,763,889
10$2,545,119$610,829$82,207$1,852,083
11$2,672,375$641,370$86,318$1,944,687
12$2,805,994$673,439$90,634$2,041,922
13$2,946,293$707,110$95,165$2,144,018
14$3,093,608$742,466$99,924$2,251,219
15$3,248,289$779,589$104,920$2,363,780
16$3,410,703$818,569$110,166$2,481,969
17$3,581,238$859,497$115,674$2,606,067
18$3,760,300$902,472$121,458$2,736,370
19$3,948,315$947,596$127,531$2,873,189
20$4,145,731$994,975$133,907$3,016,848
21$4,353,017$1,044,724$140,602$3,167,691
22$4,570,668$1,096,960$147,633$3,326,075
23$4,799,202$1,151,808$155,014$3,492,379
24$5,039,162$1,209,399$162,765$3,666,998
25$5,291,120$1,269,869$170,903$3,850,348
26$5,555,676$1,333,362$179,448$4,042,865
27$5,833,459$1,400,030$188,421$4,245,008
28$6,125,132$1,470,032$197,842$4,457,259
29$6,431,389$1,543,533$207,734$4,680,122
30$6,752,959$1,620,710$218,121$4,914,128
Total$109,000,000$26,160,000$3,520,700$79,319,300
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