USA Mega

Indiana Mega Millions Jackpot Annuity Payout Schedule for Oct 13, 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 $35,000,000 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:Tue, Oct 13, 1998
Jackpot:$35,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$526,800$154,755$16,067$355,978
2$553,140$163,974$16,871$372,296
3$580,797$173,654$17,714$389,429
4$609,837$183,827$18,600$407,410
5$640,329$195,109$19,530$425,689
6$672,345$206,956$20,507$444,883
7$705,963$219,394$21,532$465,037
8$741,261$232,454$22,608$486,198
9$778,324$246,168$23,739$508,417
10$817,240$260,567$24,926$531,748
11$858,102$275,686$26,172$556,244
12$901,007$291,560$27,481$581,966
13$946,058$308,229$28,855$608,974
14$993,360$325,731$30,297$637,332
15$1,043,028$344,108$31,812$667,108
16$1,095,180$363,404$33,403$698,373
17$1,149,939$383,665$35,073$731,201
18$1,207,436$404,939$36,827$765,670
19$1,267,808$427,277$38,668$801,863
20$1,331,198$450,731$40,602$839,865
21$1,397,758$475,358$42,632$879,768
22$1,467,646$501,217$44,763$921,666
23$1,541,028$528,368$47,001$965,659
24$1,618,079$556,877$49,351$1,011,851
25$1,698,983$586,812$51,819$1,060,353
26$1,783,933$618,243$54,410$1,111,280
27$1,873,129$651,246$57,130$1,164,753
28$1,966,786$685,898$59,987$1,220,900
29$2,065,125$722,284$62,986$1,279,855
30$2,168,381$760,489$66,136$1,341,757
Total$35,000,000$11,698,980$1,067,499$22,233,523

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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.