USA Mega

Indiana Mega Millions Jackpot Annuity Payout Schedule for Dec 26, 1997

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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 $8,000,000 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, Dec 26, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$3,673$94,798
2$126,432$23,386$3,856$99,190
3$132,754$24,903$4,049$103,801
4$139,391$26,496$4,251$108,643
5$146,361$28,169$4,464$113,728
6$153,679$29,925$4,687$119,066
7$161,363$31,770$4,922$124,672
8$169,431$33,706$5,168$130,557
9$177,903$35,739$5,426$136,737
10$186,798$37,874$5,697$143,226
11$196,138$40,451$5,982$149,705
12$205,944$43,589$6,281$156,074
13$216,242$46,884$6,595$162,762
14$227,054$50,344$6,925$169,785
15$238,406$53,977$7,271$177,159
16$250,327$57,989$7,635$184,703
17$262,843$62,370$8,017$192,457
18$275,985$66,970$8,418$200,598
19$289,785$71,799$8,838$209,147
20$304,274$76,871$9,280$218,123
21$319,488$82,195$9,744$227,548
22$335,462$87,786$10,232$237,444
23$352,235$93,657$10,743$247,835
24$369,847$99,821$11,280$258,745
25$388,339$106,293$11,844$270,201
26$407,756$113,089$12,437$282,230
27$428,144$120,225$13,058$294,860
28$449,551$127,718$13,711$308,122
29$472,029$135,585$14,397$322,047
30$495,630$143,845$15,117$336,668
Total$8,000,000$1,975,367$243,998$5,780,631

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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.