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Indiana Mega Millions Jackpot Annuity Payout Schedule for Jul 21, 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 $720,000,000 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 21, 2023
Jackpot:$720,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,837,033$3,967,890$330,530$6,538,614
2$11,378,885$4,168,375$347,056$6,863,454
3$11,947,829$4,378,884$364,409$7,204,536
4$12,545,221$4,599,920$382,629$7,562,672
5$13,172,481$4,832,006$401,761$7,938,715
6$13,831,106$5,075,697$421,849$8,333,560
7$14,522,661$5,331,572$442,941$8,748,148
8$15,248,794$5,600,242$465,088$9,183,464
9$16,011,234$5,882,344$488,343$9,640,547
10$16,811,796$6,178,552$512,760$10,120,484
11$17,652,385$6,489,570$538,398$10,624,417
12$18,535,005$6,816,139$565,318$11,153,548
13$19,461,755$7,159,037$593,584$11,709,134
14$20,434,843$7,519,080$623,263$12,292,500
15$21,456,585$7,897,124$654,426$12,905,035
16$22,529,414$8,294,071$687,147$13,548,196
17$23,655,884$8,710,865$721,504$14,223,515
18$24,838,679$9,148,499$757,580$14,932,600
19$26,080,613$9,608,014$795,459$15,677,139
20$27,384,643$10,090,506$835,232$16,458,906
21$28,753,875$10,597,122$876,993$17,279,761
22$30,191,569$11,129,068$920,843$18,141,658
23$31,701,148$11,687,612$966,885$19,046,650
24$33,286,205$12,274,084$1,015,229$19,996,892
25$34,950,515$12,889,878$1,065,991$20,994,646
26$36,698,041$13,536,463$1,119,290$22,042,288
27$38,532,943$14,215,377$1,175,255$23,142,312
28$40,459,590$14,928,236$1,234,017$24,297,336
29$42,482,570$15,676,739$1,295,718$25,510,113
30$44,606,699$16,462,666$1,360,504$26,783,528
Total$720,000,001$265,145,632$21,960,002$432,894,368

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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.