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Mega Millions Annuity Jackpot Analysis for Indiana (Oct. 16, 2018 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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$324,270$7,305,604
2$10,541,273$2,529,905$340,483$7,670,884
3$11,068,336$2,656,401$357,507$8,054,428
4$11,621,753$2,789,221$375,383$8,457,150
5$12,202,840$2,928,682$394,152$8,880,007
6$12,812,983$3,075,116$413,859$9,324,007
7$13,453,632$3,228,872$434,552$9,790,208
8$14,126,314$3,390,315$456,280$10,279,718
9$14,832,629$3,559,831$479,094$10,793,704
10$15,574,261$3,737,823$503,049$11,333,389
11$16,352,974$3,924,714$528,201$11,900,059
12$17,170,622$4,120,949$554,611$12,495,062
13$18,029,153$4,326,997$582,342$13,119,815
14$18,930,611$4,543,347$611,459$13,775,806
15$19,877,142$4,770,514$642,032$14,464,596
16$20,870,999$5,009,040$674,133$15,187,826
17$21,914,548$5,259,492$707,840$15,947,217
18$23,010,276$5,522,466$743,232$16,744,578
19$24,160,790$5,798,590$780,394$17,581,807
20$25,368,829$6,088,519$819,413$18,460,897
21$26,637,271$6,392,945$860,384$19,383,942
22$27,969,134$6,712,592$903,403$20,353,139
23$29,367,591$7,048,222$948,573$21,370,796
24$30,835,970$7,400,633$996,002$22,439,336
25$32,377,769$7,770,665$1,045,802$23,561,302
26$33,996,658$8,159,198$1,098,092$24,739,368
27$35,696,491$8,567,158$1,152,997$25,976,336
28$37,481,315$8,995,516$1,210,646$27,275,153
29$39,355,381$9,445,291$1,271,179$28,638,910
30$41,323,150$9,917,556$1,334,738$30,070,856
Total$667,000,001$160,080,000$21,544,100$485,375,901
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