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Mega Millions Annuity Jackpot Analysis for Montana (Jul. 31, 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 $22,000,000 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:  Jul. 31, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:6.90%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$22,848$228,812
2$347,688$83,445$23,990$240,253
3$365,073$87,617$25,190$252,265
4$383,326$91,998$26,450$264,878
5$402,492$96,598$27,772$278,122
6$422,617$101,428$29,161$292,028
7$443,748$106,500$30,619$306,630
8$465,935$111,824$32,150$321,961
9$489,232$117,416$33,757$338,059
10$513,694$123,287$35,445$354,962
11$539,378$129,451$37,217$372,711
12$566,347$135,923$39,078$391,346
13$594,665$142,720$41,032$410,913
14$624,398$149,856$43,083$431,459
15$655,618$157,348$45,238$453,032
16$688,399$165,216$47,500$475,684
17$722,819$173,476$49,874$499,468
18$758,960$182,150$52,368$524,441
19$796,908$191,258$54,987$550,663
20$836,753$200,821$57,736$578,196
21$878,591$210,862$60,623$607,106
22$922,520$221,405$63,654$637,461
23$968,646$232,475$66,837$669,335
24$1,017,078$244,099$70,178$702,801
25$1,067,932$256,304$73,687$737,941
26$1,121,329$269,119$77,372$774,838
27$1,177,395$282,575$81,240$813,580
28$1,236,265$296,704$85,302$854,259
29$1,298,079$311,539$89,567$896,972
30$1,362,982$327,116$94,046$941,821
Total$22,000,000$5,280,000$1,518,000$15,202,000
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