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Mega Millions Annuity Jackpot Analysis for Indiana (Dec. 21, 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$148,279$3,340,643
2$4,820,222$1,156,853$155,693$3,507,676
3$5,061,233$1,214,696$163,478$3,683,059
4$5,314,295$1,275,431$171,652$3,867,212
5$5,580,009$1,339,202$180,234$4,060,573
6$5,859,010$1,406,162$189,246$4,263,602
7$6,151,961$1,476,471$198,708$4,476,782
8$6,459,559$1,550,294$208,644$4,700,621
9$6,782,537$1,627,809$219,076$4,935,652
10$7,121,663$1,709,199$230,030$5,182,434
11$7,477,747$1,794,659$241,531$5,441,556
12$7,851,634$1,884,392$253,608$5,713,634
13$8,244,216$1,978,612$266,288$5,999,316
14$8,656,426$2,077,542$279,603$6,299,282
15$9,089,248$2,181,419$293,583$6,614,246
16$9,543,710$2,290,490$308,262$6,944,958
17$10,020,895$2,405,015$323,675$7,292,206
18$10,521,940$2,525,266$339,859$7,656,816
19$11,048,037$2,651,529$356,852$8,039,657
20$11,600,439$2,784,105$374,694$8,441,640
21$12,180,461$2,923,311$393,429$8,863,722
22$12,789,484$3,069,476$413,100$9,306,908
23$13,428,958$3,222,950$433,755$9,772,253
24$14,100,406$3,384,097$455,443$10,260,866
25$14,805,427$3,553,302$478,215$10,773,909
26$15,545,698$3,730,968$502,126$11,312,605
27$16,322,983$3,917,516$527,232$11,878,235
28$17,139,132$4,113,392$553,594$12,472,146
29$17,996,089$4,319,061$581,274$13,095,754
30$18,895,893$4,535,014$610,337$13,750,541
Total$305,000,001$73,200,000$9,851,500$221,948,500
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