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Indiana Mega Millions Jackpot Annuity Payout Schedule for Jul 14, 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 $560,000,000 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, Jul 14, 2023
Jackpot:$560,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$8,428,804$3,076,845$257,079$5,094,880
2$8,850,244$3,232,778$269,932$5,347,533
3$9,292,756$3,396,507$283,429$5,612,819
4$9,757,394$3,568,424$297,601$5,891,370
5$10,245,263$3,748,935$312,481$6,183,848
6$10,757,527$3,938,473$328,105$6,490,949
7$11,295,403$4,137,487$344,510$6,813,407
8$11,860,173$4,346,452$361,735$7,151,986
9$12,453,182$4,565,865$379,822$7,507,495
10$13,075,841$4,796,249$398,813$7,880,779
11$13,729,633$5,038,152$418,754$8,272,727
12$14,416,115$5,292,150$439,691$8,684,273
13$15,136,920$5,558,848$461,676$9,116,396
14$15,893,767$5,838,881$484,760$9,570,125
15$16,688,455$6,132,916$508,998$10,046,541
16$17,522,878$6,441,652$534,448$10,546,777
17$18,399,021$6,765,826$561,170$11,072,025
18$19,318,972$7,106,208$589,229$11,623,536
19$20,284,921$7,463,608$618,690$12,202,622
20$21,299,167$7,838,880$649,625$12,810,663
21$22,364,125$8,232,914$682,106$13,449,105
22$23,482,332$8,646,650$716,211$14,119,470
23$24,656,448$9,081,074$752,022$14,823,353
24$25,889,270$9,537,218$789,623$15,562,430
25$27,183,734$10,016,169$829,104$16,338,461
26$28,542,921$10,519,069$870,559$17,153,293
27$29,970,067$11,047,113$914,087$18,008,867
28$31,468,570$11,601,559$959,791$18,907,220
29$33,041,999$12,183,727$1,007,781$19,850,490
30$34,694,099$12,795,004$1,058,170$20,840,925
Total$560,000,001$205,945,633$17,080,002$336,974,365

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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.