USA Mega

Connecticut Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 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 $7,000,000 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:Tue, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$7,365$79,666
2$110,628$19,593$7,733$83,302
3$116,159$20,921$8,120$87,119
4$121,967$22,315$8,526$91,127
5$128,066$23,778$8,952$95,336
6$134,469$25,315$9,399$99,755
7$141,193$26,929$9,869$104,394
8$148,252$28,623$10,363$109,266
9$155,665$30,402$10,881$114,382
10$163,448$32,270$11,425$119,753
11$171,620$34,231$11,996$125,393
12$180,201$36,291$12,596$131,315
13$189,212$38,453$13,226$137,532
14$198,672$41,262$13,887$143,523
15$208,606$44,440$14,582$149,584
16$219,036$47,778$15,311$155,947
17$229,988$51,283$16,076$162,629
18$241,487$54,962$16,880$169,645
19$253,562$59,121$17,724$176,716
20$266,240$63,559$18,610$184,071
21$279,552$68,218$19,541$191,793
22$293,529$73,110$20,518$199,902
23$308,206$78,247$21,544$208,415
24$323,616$83,640$22,621$217,355
25$339,797$89,304$23,752$226,741
26$356,787$95,250$24,939$236,597
27$374,626$101,494$26,186$246,946
28$393,357$108,050$27,496$257,812
29$413,025$114,933$28,870$269,221
30$433,676$122,161$30,314$281,201
Total$7,000,000$1,654,262$489,302$4,856,438

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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.