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Mega Millions Annuity Jackpot Analysis for Montana (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 Montana, 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:

Montana

Drawing Date:  Apr. 3, 2020
Jackpot:$121,000,000
Federal Tax:  24%
State Tax:6.90%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,821,224$437,094$125,664$1,258,466
2$1,912,285$458,948$131,948$1,321,389
3$2,007,899$481,896$138,545$1,387,458
4$2,108,294$505,991$145,472$1,456,831
5$2,213,709$531,290$152,746$1,529,673
6$2,324,394$557,855$160,383$1,606,156
7$2,440,614$585,747$168,402$1,686,464
8$2,562,645$615,035$176,822$1,770,787
9$2,690,777$645,786$185,664$1,859,327
10$2,825,316$678,076$194,947$1,952,293
11$2,966,581$711,980$204,694$2,049,908
12$3,114,911$747,579$214,929$2,152,403
13$3,270,656$784,957$225,675$2,260,023
14$3,434,189$824,205$236,959$2,373,024
15$3,605,898$865,416$248,807$2,491,676
16$3,786,193$908,686$261,247$2,616,260
17$3,975,503$954,121$274,310$2,747,072
18$4,174,278$1,001,827$288,025$2,884,426
19$4,382,992$1,051,918$302,426$3,028,647
20$4,602,141$1,104,514$317,548$3,180,080
21$4,832,248$1,159,740$333,425$3,339,084
22$5,073,861$1,217,727$350,096$3,506,038
23$5,327,554$1,278,613$367,601$3,681,340
24$5,593,932$1,342,544$385,981$3,865,407
25$5,873,628$1,409,671$405,280$4,058,677
26$6,167,310$1,480,154$425,544$4,261,611
27$6,475,675$1,554,162$446,822$4,474,692
28$6,799,459$1,631,870$469,163$4,698,426
29$7,139,432$1,713,464$492,621$4,933,347
30$7,496,404$1,799,137$517,252$5,180,015
Total$121,000,000$29,040,000$8,349,000$83,611,000
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