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Indiana Mega Millions Jackpot Annuity Payout Schedule for Jul 18, 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 $640,000,000 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:Tue, Jul 18, 2023
Jackpot:$640,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,632,918$3,522,368$293,804$5,816,747
2$10,114,564$3,700,577$308,494$6,105,494
3$10,620,292$3,887,696$323,919$6,408,678
4$11,151,308$4,084,172$340,115$6,727,021
5$11,708,872$4,290,471$357,121$7,061,281
6$12,294,316$4,507,085$374,977$7,412,255
7$12,909,032$4,734,530$393,725$7,780,777
8$13,554,484$4,973,347$413,412$8,167,725
9$14,232,208$5,224,105$434,082$8,574,021
10$14,943,818$5,487,400$455,786$9,000,631
11$15,691,009$5,763,861$478,576$9,448,572
12$16,475,560$6,054,145$502,505$9,918,910
13$17,299,338$6,358,943$527,630$10,412,765
14$18,164,305$6,678,980$554,011$10,931,313
15$19,072,520$7,015,020$581,712$11,475,788
16$20,026,146$7,367,862$610,797$12,047,487
17$21,027,453$7,738,345$641,337$12,647,770
18$22,078,826$8,127,353$673,404$13,278,068
19$23,182,767$8,535,811$707,074$13,939,881
20$24,341,905$8,964,693$742,428$14,634,784
21$25,559,000$9,415,018$779,550$15,364,433
22$26,836,950$9,887,859$818,527$16,130,564
23$28,178,798$10,384,343$859,453$16,935,002
24$29,587,738$10,905,651$902,426$17,779,661
25$31,067,124$11,453,024$947,547$18,666,553
26$32,620,481$12,027,766$994,925$19,597,791
27$34,251,505$12,631,245$1,044,671$20,575,590
28$35,964,080$13,264,897$1,096,904$21,602,278
29$37,762,284$13,930,233$1,151,750$22,680,302
30$39,650,399$14,628,835$1,209,337$23,812,226
Total$640,000,001$235,545,635$19,519,999$384,934,368

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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.