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Mega Millions Annuity Jackpot Analysis for Indiana (Oct. 26, 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 $40,000,000 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. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$19,446$438,117
2$632,160$151,718$20,419$460,023
3$663,768$159,304$21,440$483,024
4$696,957$167,270$22,512$507,175
5$731,805$175,633$23,637$532,534
6$768,395$184,415$24,819$559,161
7$806,815$193,635$26,060$587,119
8$847,155$203,317$27,363$616,475
9$889,513$213,483$28,731$647,299
10$933,989$224,157$30,168$679,664
11$980,688$235,365$31,676$713,647
12$1,029,722$247,133$33,260$749,329
13$1,081,209$259,490$34,923$786,795
14$1,135,269$272,465$36,669$826,135
15$1,192,032$286,088$38,503$867,442
16$1,251,634$300,392$40,428$910,814
17$1,314,216$315,412$42,449$956,355
18$1,379,927$331,182$44,572$1,004,173
19$1,448,923$347,742$46,800$1,054,381
20$1,521,369$365,129$49,140$1,107,100
21$1,597,438$383,385$51,597$1,162,455
22$1,677,309$402,554$54,177$1,220,578
23$1,761,175$422,682$56,886$1,281,607
24$1,849,234$443,816$59,730$1,345,687
25$1,941,695$466,007$62,717$1,412,972
26$2,038,780$489,307$65,853$1,483,620
27$2,140,719$513,773$69,145$1,557,801
28$2,247,755$539,461$72,602$1,635,691
29$2,360,143$566,434$76,233$1,717,476
30$2,478,150$594,756$80,044$1,803,350
Total$40,000,000$9,600,000$1,292,000$29,108,000
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