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Indiana Mega Millions Jackpot Annuity Payout Schedule for Jul 7, 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 $450,000,000 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 7, 2023
Jackpot:$450,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,773,146$2,464,252$206,581$4,102,313
2$7,111,803$2,589,555$216,910$4,305,338
3$7,467,393$2,721,123$227,755$4,518,514
4$7,840,763$2,859,270$239,143$4,742,350
5$8,232,801$3,004,324$251,100$4,977,376
6$8,644,441$3,156,631$263,655$5,224,155
7$9,076,663$3,316,553$276,838$5,483,272
8$9,530,496$3,484,471$290,680$5,755,345
9$10,007,021$3,660,786$305,214$6,041,021
10$10,507,372$3,845,915$320,475$6,340,982
11$11,032,741$4,040,302$336,499$6,655,940
12$11,584,378$4,244,408$353,324$6,986,647
13$12,163,597$4,458,719$370,990$7,333,889
14$12,771,777$4,683,745$389,539$7,698,492
15$13,410,365$4,920,023$409,016$8,081,326
16$14,080,884$5,168,115$429,467$8,483,302
17$14,784,928$5,428,611$450,940$8,905,376
18$15,524,174$5,702,132$473,487$9,348,555
19$16,300,383$5,989,329$497,162$9,813,892
20$17,115,402$6,290,887$522,020$10,302,496
21$17,971,172$6,607,521$548,121$10,815,530
22$18,869,731$6,939,988$575,527$11,354,216
23$19,813,217$7,289,078$604,303$11,919,836
24$20,803,878$7,655,623$634,518$12,513,737
25$21,844,072$8,040,494$666,244$13,137,333
26$22,936,276$8,444,610$699,556$13,792,110
27$24,083,090$8,868,931$734,534$14,479,624
28$25,287,244$9,314,468$771,261$15,201,515
29$26,551,606$9,782,282$809,824$15,959,500
30$27,879,187$10,273,487$850,315$16,755,385
Total$450,000,001$165,245,633$13,724,998$271,029,367

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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.