USA Mega

Connecticut Mega Millions Jackpot Annuity Payout Schedule for Jan 23, 1998

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $5,000,000 for a ticket purchased in Connecticut, 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Connecticut

Drawing Date:Fri, Jan 23, 1998
Jackpot:$5,000,000
Federal Tax:37% marginal rate
State Tax: 6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$75,257$11,610$5,260$58,387
2$79,020$12,437$5,524$61,059
3$82,971$13,307$5,800$63,865
4$87,120$14,219$6,090$66,811
5$91,476$15,178$6,394$69,904
6$96,049$16,184$6,714$73,152
7$100,852$17,247$7,050$76,555
8$105,894$18,457$7,402$80,035
9$111,189$19,728$7,772$83,689
10$116,749$21,062$8,161$87,526
11$122,586$22,463$8,569$91,554
12$128,715$23,934$8,997$95,784
13$135,151$25,479$9,447$100,225
14$141,909$27,101$9,919$104,889
15$149,004$28,803$10,415$109,785
16$156,454$30,592$10,936$114,927
17$164,277$32,469$11,483$120,325
18$172,491$34,440$12,057$125,993
19$181,115$36,510$12,660$131,945
20$190,171$38,684$13,293$138,195
21$199,680$41,584$13,958$144,138
22$209,664$44,779$14,655$150,229
23$220,147$48,133$15,388$156,625
24$231,154$51,656$16,158$163,341
25$242,712$55,354$16,966$170,392
26$254,848$59,571$17,814$177,462
27$267,590$64,031$18,705$184,854
28$280,969$68,714$19,640$192,616
29$295,018$73,631$20,622$200,765
30$309,769$78,794$21,653$209,322
Total$5,000,000$1,046,151$349,502$3,604,349

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.