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Mega Millions Annuity Jackpot Analysis for Indiana (Apr. 10, 2020 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 $136,000,000 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:  Apr. 10, 2020
Jackpot:$136,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,046,995$491,279$66,118$1,489,598
2$2,149,345$515,843$69,424$1,564,078
3$2,256,812$541,635$72,895$1,642,282
4$2,369,653$568,717$76,540$1,724,396
5$2,488,135$597,152$80,367$1,810,616
6$2,612,542$627,010$84,385$1,901,147
7$2,743,169$658,361$88,604$1,996,204
8$2,880,328$691,279$93,035$2,096,015
9$3,024,344$725,843$97,686$2,200,815
10$3,175,561$762,135$102,571$2,310,856
11$3,334,339$800,241$107,699$2,426,399
12$3,501,056$840,254$113,084$2,547,719
13$3,676,109$882,266$118,738$2,675,105
14$3,859,915$926,380$124,675$2,808,860
15$4,052,910$972,699$130,909$2,949,303
16$4,255,556$1,021,333$137,454$3,096,768
17$4,468,334$1,072,400$144,327$3,251,606
18$4,691,750$1,126,020$151,544$3,414,187
19$4,926,338$1,182,321$159,121$3,584,896
20$5,172,655$1,241,437$167,077$3,764,141
21$5,431,288$1,303,509$175,431$3,952,348
22$5,702,852$1,368,684$184,202$4,149,965
23$5,987,995$1,437,119$193,412$4,357,464
24$6,287,394$1,508,975$203,083$4,575,337
25$6,601,764$1,584,423$213,237$4,804,104
26$6,931,852$1,663,645$223,899$5,044,309
27$7,278,445$1,746,827$235,094$5,296,524
28$7,642,367$1,834,168$246,848$5,561,350
29$8,024,485$1,925,876$259,191$5,839,418
30$8,425,710$2,022,170$272,150$6,131,389
Total$136,000,000$32,640,000$4,392,800$98,967,200
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