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Mega Millions Annuity Jackpot Analysis for Indiana (Nov. 9, 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 $90,000,000 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:  Nov. 9, 2018
Jackpot:$90,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$325,111$43,755$985,764
2$1,422,361$341,367$45,942$1,035,052
3$1,493,479$358,435$48,239$1,086,804
4$1,568,153$376,357$50,651$1,141,145
5$1,646,560$395,174$53,184$1,198,202
6$1,728,888$414,933$55,843$1,258,112
7$1,815,333$435,680$58,635$1,321,018
8$1,906,099$457,464$61,567$1,387,068
9$2,001,404$480,337$64,645$1,456,422
10$2,101,474$504,354$67,878$1,529,243
11$2,206,548$529,572$71,272$1,605,705
12$2,316,876$556,050$74,835$1,685,990
13$2,432,719$583,853$78,577$1,770,290
14$2,554,355$613,045$82,506$1,858,804
15$2,682,073$643,698$86,631$1,951,745
16$2,816,177$675,882$90,963$2,049,332
17$2,956,986$709,677$95,511$2,151,798
18$3,104,835$745,160$100,286$2,259,388
19$3,260,077$782,418$105,300$2,372,358
20$3,423,080$821,539$110,565$2,490,976
21$3,594,234$862,616$116,094$2,615,524
22$3,773,946$905,747$121,898$2,746,301
23$3,962,643$951,034$127,993$2,883,616
24$4,160,776$998,586$134,393$3,027,796
25$4,368,814$1,048,515$141,113$3,179,186
26$4,587,255$1,100,941$148,168$3,338,146
27$4,816,618$1,155,988$155,577$3,505,053
28$5,057,449$1,213,788$163,356$3,680,305
29$5,310,321$1,274,477$171,523$3,864,321
30$5,575,837$1,338,201$180,100$4,057,537
Total$90,000,000$21,600,000$2,907,000$65,493,000
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