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Connecticut Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $122,000,000 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, Sep 8, 2023
Jackpot:$122,000,000
Federal Tax:37% marginal rate
State Tax: 6.99%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$637,610$128,356$1,070,310
2$1,928,089$671,581$134,773$1,121,735
3$2,024,493$707,250$141,512$1,175,731
4$2,125,718$744,703$148,588$1,232,427
5$2,232,004$784,029$156,017$1,291,958
6$2,343,604$825,321$163,818$1,354,465
7$2,460,784$868,678$172,009$1,420,098
8$2,583,823$914,202$180,609$1,489,012
9$2,713,015$962,003$189,640$1,561,372
10$2,848,665$1,012,194$199,122$1,637,350
11$2,991,099$1,064,894$209,078$1,717,127
12$3,140,654$1,120,230$219,532$1,800,892
13$3,297,686$1,178,332$230,508$1,888,846
14$3,462,571$1,239,339$242,034$1,981,198
15$3,635,699$1,303,396$254,135$2,078,167
16$3,817,484$1,370,657$266,842$2,179,985
17$4,008,358$1,441,280$280,184$2,286,894
18$4,208,776$1,515,435$294,193$2,399,148
19$4,419,215$1,593,297$308,903$2,517,015
20$4,640,176$1,675,053$324,348$2,640,775
21$4,872,184$1,760,896$340,566$2,770,723
22$5,115,794$1,851,031$357,594$2,907,168
23$5,371,583$1,945,674$375,474$3,050,436
24$5,640,162$2,045,048$394,247$3,200,867
25$5,922,171$2,149,391$413,960$3,358,820
26$6,218,279$2,258,951$434,658$3,524,670
27$6,529,193$2,373,989$456,391$3,698,813
28$6,855,653$2,494,779$479,210$3,881,663
29$7,198,435$2,621,609$503,171$4,073,656
30$7,558,357$2,754,780$528,329$4,275,248
Total$122,000,000$43,885,632$8,527,801$69,586,569

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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.