USA Mega

Indiana Mega Millions Jackpot Annuity Payout Schedule for Jul 4, 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 $11,000,000 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 4, 1997
Jackpot:$11,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$165,566$32,778$5,050$127,738
2$173,844$34,765$5,302$133,777
3$182,536$36,851$5,567$140,118
4$191,663$39,042$5,846$146,776
5$201,246$42,085$6,138$153,023
6$211,309$45,305$6,445$159,558
7$221,874$48,686$6,767$166,421
8$232,968$52,236$7,106$173,626
9$244,616$55,990$7,461$181,165
10$256,847$60,271$7,834$188,742
11$269,689$64,766$8,226$196,698
12$283,174$69,486$8,637$205,051
13$297,332$74,441$9,069$213,823
14$312,199$79,644$9,522$223,033
15$327,809$85,108$9,998$232,703
16$344,199$90,845$10,498$242,857
17$361,409$96,868$11,023$253,518
18$379,480$103,193$11,574$264,713
19$398,454$109,834$12,153$276,467
20$418,376$116,807$12,760$288,809
21$439,295$124,128$13,399$301,769
22$461,260$131,816$14,068$315,376
23$484,323$139,888$14,772$329,663
24$508,539$148,363$15,510$344,665
25$533,966$157,263$16,286$360,417
26$560,665$166,607$17,100$376,957
27$588,698$176,419$17,955$394,324
28$618,133$186,897$18,853$412,383
29$649,039$198,332$19,796$430,911
30$681,491$210,340$20,785$450,366
Total$11,000,000$2,979,054$335,500$7,685,447

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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.