USA Mega

Florida Mega Millions Jackpot Annuity Payout Schedule for Jan 9, 1998

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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 $14,000,000 for a ticket purchased in Florida, 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:

Florida

Drawing Date:Fri, Jan 9, 1998
Jackpot:$14,000,000
Federal Tax:37% marginal rate
State Tax: No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$210,720$45,117$0$165,603
2$221,256$48,488$0$172,768
3$232,319$52,029$0$180,290
4$243,935$55,752$0$188,183
5$256,132$60,021$0$196,111
6$268,938$64,503$0$204,435
7$282,385$69,210$0$213,176
8$296,504$74,151$0$222,353
9$311,330$79,340$0$231,989
10$326,896$84,788$0$242,108
11$343,241$90,509$0$252,732
12$360,403$96,516$0$263,887
13$378,423$102,823$0$275,600
14$397,344$109,445$0$287,899
15$417,211$116,399$0$300,813
16$438,072$123,700$0$314,372
17$459,976$131,366$0$328,609
18$482,974$139,416$0$343,559
19$507,123$147,868$0$359,255
20$532,479$156,742$0$375,737
21$559,103$166,061$0$393,042
22$587,058$175,845$0$411,213
23$616,411$186,260$0$430,151
24$647,232$197,664$0$449,568
25$679,593$209,637$0$469,956
26$713,573$222,210$0$491,363
27$749,252$235,411$0$513,841
28$786,714$249,272$0$537,442
29$826,050$263,826$0$562,224
30$867,352$279,108$0$588,244
Total$14,000,000$4,033,477$0$9,966,523

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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.