USA Mega

Indiana Mega Millions Jackpot Annuity Payout Schedule for Oct 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 $32,000,000 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, Oct 9, 1998
Jackpot:$32,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$481,646$138,951$14,690$328,005
2$505,728$147,380$15,425$342,924
3$531,015$156,230$16,196$358,589
4$557,565$165,523$17,006$375,037
5$585,444$175,280$17,856$392,308
6$614,716$185,633$18,749$410,334
7$645,452$197,005$19,686$428,760
8$677,724$208,946$20,671$448,108
9$711,610$221,484$21,704$468,423
10$747,191$234,648$22,789$489,753
11$784,550$248,471$23,929$512,150
12$823,778$262,986$25,125$535,667
13$864,967$278,225$26,381$560,360
14$908,215$294,227$27,701$586,287
15$953,626$311,029$29,086$613,511
16$1,001,307$328,671$30,540$642,096
17$1,051,373$347,196$32,067$672,110
18$1,103,941$366,646$33,670$703,625
19$1,159,138$387,069$35,354$736,716
20$1,217,095$408,513$37,121$771,461
21$1,277,950$431,029$38,977$807,943
22$1,341,848$454,671$40,926$846,250
23$1,408,940$479,496$42,973$886,472
24$1,479,387$505,561$45,121$928,705
25$1,553,356$532,930$47,377$973,049
26$1,631,024$561,667$49,746$1,019,611
27$1,712,575$591,841$52,234$1,068,501
28$1,798,204$623,523$54,845$1,119,836
29$1,888,114$656,790$57,587$1,173,737
30$1,982,520$691,720$60,467$1,230,333
Total$32,000,000$10,593,341$975,999$20,430,661

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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.