USA Mega

Florida Mega Millions Jackpot Annuity Payout Schedule for Dec 25, 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 $13,000,000 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, Dec 25, 1998
Jackpot:$13,000,000
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$195,669$40,300$0$155,368
2$205,452$43,431$0$162,021
3$215,725$46,718$0$169,006
4$226,511$50,170$0$176,341
5$237,836$53,794$0$184,042
6$249,728$57,780$0$191,949
7$262,215$62,150$0$200,065
8$275,325$66,739$0$208,587
9$289,092$71,557$0$217,535
10$303,546$76,616$0$226,930
11$318,724$81,928$0$236,796
12$334,660$87,506$0$247,154
13$351,393$93,362$0$258,031
14$368,962$99,512$0$269,451
15$387,411$105,968$0$281,442
16$406,781$112,748$0$294,033
17$427,120$119,867$0$307,253
18$448,476$127,341$0$321,135
19$470,900$135,190$0$335,710
20$494,445$143,430$0$351,014
21$519,167$152,083$0$367,084
22$545,126$161,169$0$383,957
23$572,382$170,708$0$401,673
24$601,001$180,725$0$420,276
25$631,051$191,677$0$439,374
26$662,604$203,351$0$459,252
27$695,734$215,609$0$480,124
28$730,520$228,480$0$502,040
29$767,046$241,995$0$525,051
30$805,399$256,185$0$549,213
Total$13,000,000$3,678,089$0$9,321,907

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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.