USA Mega

Connecticut Mega Millions Jackpot Annuity Payout Schedule for Sep 22, 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 $20,000,000 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, Sep 22, 1998
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$21,042$204,252
2$316,080$81,003$22,094$212,983
3$331,884$86,534$23,199$222,151
4$348,478$92,342$24,359$231,778
5$365,902$98,441$25,577$241,885
6$384,197$104,844$26,855$252,498
7$403,407$111,567$28,198$263,642
8$423,578$118,627$29,608$275,343
9$444,757$126,040$31,088$287,628
10$466,994$133,823$32,643$300,529
11$490,344$141,995$34,275$314,074
12$514,861$150,576$35,989$328,296
13$540,604$159,586$37,788$343,230
14$567,635$169,047$39,678$358,910
15$596,016$178,980$41,662$375,374
16$625,817$189,740$43,745$392,332
17$657,108$201,318$45,932$409,858
18$689,963$213,474$48,228$428,261
19$724,461$226,238$50,640$447,583
20$760,685$239,641$53,172$467,872
21$798,719$253,714$55,830$489,175
22$838,655$268,490$58,622$511,543
23$880,587$284,005$61,553$535,029
24$924,617$300,296$64,631$559,690
25$970,848$317,401$67,862$585,584
26$1,019,390$335,362$71,255$612,773
27$1,070,360$354,221$74,818$641,321
28$1,123,878$374,022$78,559$671,296
29$1,180,071$394,814$82,487$702,770
30$1,239,075$416,645$86,611$735,818
Total$20,000,000$6,198,521$1,398,000$12,403,478

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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.