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Mega Millions Annuity Jackpot Analysis for Indiana (Apr. 14, 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 $145,000,000 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. 14, 2020
Jackpot:$145,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,182,458$523,790$70,493$1,588,175
2$2,291,581$549,979$74,018$1,667,584
3$2,406,160$577,478$77,719$1,750,963
4$2,526,468$606,352$81,605$1,838,511
5$2,652,791$636,670$85,685$1,930,436
6$2,785,431$668,503$89,969$2,026,958
7$2,924,703$701,929$94,468$2,128,306
8$3,070,938$737,025$99,191$2,234,721
9$3,224,485$773,876$104,151$2,346,457
10$3,385,709$812,570$109,358$2,463,780
11$3,554,994$853,199$114,826$2,586,969
12$3,732,744$895,859$120,568$2,716,318
13$3,919,381$940,651$126,596$2,852,134
14$4,115,350$987,684$132,926$2,994,740
15$4,321,118$1,037,068$139,572$3,144,477
16$4,537,174$1,088,922$146,551$3,301,701
17$4,764,032$1,143,368$153,878$3,466,786
18$5,002,234$1,200,536$161,572$3,640,126
19$5,252,346$1,260,563$169,651$3,822,132
20$5,514,963$1,323,591$178,133$4,013,239
21$5,790,711$1,389,771$187,040$4,213,900
22$6,080,247$1,459,259$196,392$4,424,595
23$6,384,259$1,532,222$206,212$4,645,825
24$6,703,472$1,608,833$216,522$4,878,116
25$7,038,645$1,689,275$227,348$5,122,022
26$7,390,578$1,773,739$238,716$5,378,123
27$7,760,107$1,862,426$250,651$5,647,030
28$8,148,112$1,955,547$263,184$5,929,381
29$8,555,518$2,053,324$276,343$6,225,850
30$8,983,293$2,155,990$290,160$6,537,143
Total$145,000,000$34,800,000$4,683,500$105,516,500
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