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Indiana Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $122,000,000 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, Sep 8, 2023
Jackpot:$122,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$637,610$56,006$1,142,659
2$1,928,089$671,581$58,807$1,197,702
3$2,024,493$707,250$61,747$1,255,496
4$2,125,718$744,703$64,834$1,316,180
5$2,232,004$784,029$68,076$1,379,899
6$2,343,604$825,321$71,480$1,446,803
7$2,460,784$868,678$75,054$1,517,052
8$2,583,823$914,202$78,807$1,590,814
9$2,713,015$962,003$82,747$1,668,265
10$2,848,665$1,012,194$86,884$1,749,587
11$2,991,099$1,064,894$91,229$1,834,976
12$3,140,654$1,120,230$95,790$1,924,634
13$3,297,686$1,178,332$100,579$2,018,775
14$3,462,571$1,239,339$105,608$2,117,623
15$3,635,699$1,303,396$110,889$2,221,414
16$3,817,484$1,370,657$116,433$2,330,394
17$4,008,358$1,441,280$122,255$2,444,823
18$4,208,776$1,515,435$128,368$2,564,974
19$4,419,215$1,593,297$134,786$2,691,132
20$4,640,176$1,675,053$141,525$2,823,598
21$4,872,184$1,760,896$148,602$2,962,687
22$5,115,794$1,851,031$156,032$3,108,731
23$5,371,583$1,945,674$163,833$3,262,076
24$5,640,162$2,045,048$172,025$3,423,090
25$5,922,171$2,149,391$180,626$3,592,154
26$6,218,279$2,258,951$189,658$3,769,671
27$6,529,193$2,373,989$199,140$3,956,064
28$6,855,653$2,494,779$209,097$4,151,776
29$7,198,435$2,621,609$219,552$4,357,274
30$7,558,357$2,754,780$230,530$4,573,047
Total$122,000,000$43,885,632$3,720,999$74,393,370

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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.