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Mega Millions Annuity Jackpot Analysis for Maine (Oct. 26, 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 $40,000,000 would be for a resident of Maine, 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:

Maine

Drawing Date:  Oct. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$30,103$427,461
2$632,160$151,718$31,608$448,834
3$663,768$159,304$33,188$471,275
4$696,957$167,270$34,848$494,839
5$731,805$175,633$36,590$519,581
6$768,395$184,415$38,420$545,560
7$806,815$193,635$40,341$572,838
8$847,155$203,317$42,358$601,480
9$889,513$213,483$44,476$631,554
10$933,989$224,157$46,699$663,132
11$980,688$235,365$49,034$696,289
12$1,029,722$247,133$51,486$731,103
13$1,081,209$259,490$54,060$767,658
14$1,135,269$272,465$56,763$806,041
15$1,192,032$286,088$59,602$846,343
16$1,251,634$300,392$62,582$888,660
17$1,314,216$315,412$65,711$933,093
18$1,379,927$331,182$68,996$979,748
19$1,448,923$347,742$72,446$1,028,735
20$1,521,369$365,129$76,068$1,080,172
21$1,597,438$383,385$79,872$1,134,181
22$1,677,309$402,554$83,865$1,190,890
23$1,761,175$422,682$88,059$1,250,434
24$1,849,234$443,816$92,462$1,312,956
25$1,941,695$466,007$97,085$1,378,604
26$2,038,780$489,307$101,939$1,447,534
27$2,140,719$513,773$107,036$1,519,911
28$2,247,755$539,461$112,388$1,595,906
29$2,360,143$566,434$118,007$1,675,701
30$2,478,150$594,756$123,907$1,759,486
Total$40,000,000$9,600,000$2,000,000$28,400,000
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