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Connecticut Mega Millions Jackpot Annuity Payout Schedule for Jul 28, 2023

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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 $940,000,000 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, Jul 28, 2023
Jackpot:$940,000,000
Federal Tax:37% marginal rate
State Tax: 6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$14,148,349$5,193,077$988,970$7,966,302
2$14,855,767$5,454,821$1,038,418$8,362,527
3$15,598,555$5,729,653$1,090,339$8,778,563
4$16,378,483$6,018,226$1,144,856$9,215,401
5$17,197,406$6,321,228$1,202,099$9,674,079
6$18,057,277$6,639,380$1,262,204$10,155,693
7$18,960,141$6,973,440$1,325,314$10,661,387
8$19,908,148$7,324,203$1,391,580$11,192,366
9$20,903,556$7,692,503$1,461,159$11,749,894
10$21,948,733$8,079,219$1,534,216$12,335,298
11$23,046,170$8,485,271$1,610,927$12,949,972
12$24,198,478$8,911,625$1,691,474$13,595,380
13$25,408,402$9,359,297$1,776,047$14,273,058
14$26,678,822$9,829,352$1,864,850$14,984,621
15$28,012,763$10,322,910$1,958,092$15,731,761
16$29,413,402$10,841,146$2,055,997$16,516,259
17$30,884,071$11,385,294$2,158,797$17,339,981
18$32,428,275$11,956,650$2,266,736$18,204,889
19$34,049,689$12,556,573$2,380,073$19,113,043
20$35,752,173$13,186,492$2,499,077$20,066,605
21$37,539,782$13,847,907$2,624,031$21,067,844
22$39,416,771$14,542,393$2,755,232$22,119,146
23$41,387,610$15,271,603$2,892,994$23,223,012
24$43,456,990$16,037,274$3,037,644$24,382,072
25$45,629,839$16,841,228$3,189,526$25,599,085
26$47,911,332$17,685,381$3,349,002$26,876,949
27$50,306,898$18,571,740$3,516,452$28,218,706
28$52,822,243$19,502,417$3,692,275$29,627,550
29$55,463,355$20,479,629$3,876,889$31,106,837
30$58,236,523$21,505,701$4,070,733$32,660,089
Total$940,000,002$346,545,633$65,706,003$527,748,369

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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.