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Indiana Mega Millions Jackpot Annuity Payout Schedule for Dec 15, 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 $28,000,000 for a ticket purchased in Indiana, 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:

Indiana

Drawing Date:Fri, Dec 15, 2023
Jackpot:$28,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$421,440$117,879$12,854$290,707
2$442,512$125,254$13,497$303,762
3$464,638$132,998$14,171$317,468
4$487,870$141,129$14,880$331,861
5$512,263$149,667$15,624$346,972
6$537,876$158,631$16,405$362,840
7$564,770$168,044$17,225$379,500
8$593,009$177,928$18,087$396,994
9$622,659$188,572$18,991$415,096
10$653,792$200,091$19,941$433,761
11$686,482$212,186$20,938$453,358
12$720,806$224,886$21,985$473,935
13$756,846$238,221$23,084$495,541
14$794,688$252,222$24,238$518,228
15$834,423$266,924$25,450$542,049
16$876,144$282,361$26,722$567,061
17$919,951$298,570$28,059$593,323
18$965,949$315,589$29,461$620,898
19$1,014,246$333,459$30,935$649,853
20$1,064,958$352,222$32,481$680,255
21$1,118,206$371,924$34,105$712,177
22$1,174,117$392,611$35,811$745,695
23$1,232,822$414,332$37,601$780,889
24$1,294,464$437,139$39,481$817,843
25$1,359,187$461,087$41,455$856,645
26$1,427,146$486,232$43,528$897,386
27$1,498,503$512,634$45,704$940,165
28$1,573,429$540,356$47,990$985,083
29$1,652,100$569,465$50,389$1,032,246
30$1,734,705$600,029$52,909$1,081,768
Total$28,000,000$9,122,642$854,001$18,023,359

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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.