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Mega Millions Annuity Jackpot Analysis for Indiana (Apr. 3, 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 $121,000,000 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. 3, 2020
Jackpot:$121,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,821,224$437,094$58,826$1,325,304
2$1,912,285$458,948$61,767$1,391,570
3$2,007,899$481,896$64,855$1,461,148
4$2,108,294$505,991$68,098$1,534,206
5$2,213,709$531,290$71,503$1,610,916
6$2,324,394$557,855$75,078$1,691,462
7$2,440,614$585,747$78,832$1,776,035
8$2,562,645$615,035$82,773$1,864,836
9$2,690,777$645,786$86,912$1,958,078
10$2,825,316$678,076$91,258$2,055,982
11$2,966,581$711,980$95,821$2,158,781
12$3,114,911$747,579$100,612$2,266,720
13$3,270,656$784,957$105,642$2,380,056
14$3,434,189$824,205$110,924$2,499,059
15$3,605,898$865,416$116,471$2,624,012
16$3,786,193$908,686$122,294$2,755,213
17$3,975,503$954,121$128,409$2,892,973
18$4,174,278$1,001,827$134,829$3,037,622
19$4,382,992$1,051,918$141,571$3,189,503
20$4,602,141$1,104,514$148,649$3,348,978
21$4,832,248$1,159,740$156,082$3,516,427
22$5,073,861$1,217,727$163,886$3,692,249
23$5,327,554$1,278,613$172,080$3,876,861
24$5,593,932$1,342,544$180,684$4,070,704
25$5,873,628$1,409,671$189,718$4,274,239
26$6,167,310$1,480,154$199,204$4,487,951
27$6,475,675$1,554,162$209,164$4,712,349
28$6,799,459$1,631,870$219,623$4,947,966
29$7,139,432$1,713,464$230,604$5,195,365
30$7,496,404$1,799,137$242,134$5,455,133
Total$121,000,000$29,040,000$3,908,300$88,051,700
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