USA Mega

Indiana Mega Millions Jackpot Annuity Payout Schedule for Nov 20, 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 $25,000,000 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, Nov 20, 1998
Jackpot:$25,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$376,286$102,075$11,477$262,734
2$395,100$108,660$12,051$274,390
3$414,855$115,574$12,653$286,628
4$435,598$122,834$13,286$299,478
5$457,378$130,457$13,950$312,971
6$480,247$138,461$14,648$327,138
7$504,259$146,865$15,380$342,014
8$529,472$155,690$16,149$357,633
9$555,946$164,956$16,956$374,034
10$583,743$174,685$17,804$391,254
11$612,930$184,972$18,694$409,264
12$643,577$196,311$19,629$427,636
13$675,755$208,217$20,611$446,928
14$709,543$220,719$21,641$467,183
15$745,020$233,845$22,723$488,452
16$782,271$247,628$23,859$510,784
17$821,385$262,100$25,052$534,232
18$862,454$277,296$26,305$558,853
19$905,577$293,251$27,620$584,706
20$950,856$310,004$29,001$611,850
21$998,398$327,595$30,451$640,352
22$1,048,318$346,066$31,974$670,279
23$1,100,734$365,459$33,572$701,702
24$1,155,771$385,823$35,251$734,697
25$1,213,560$407,205$37,014$769,341
26$1,274,238$429,656$38,864$805,718
27$1,337,949$453,229$40,807$843,913
28$1,404,847$477,981$42,848$884,018
29$1,475,089$503,971$44,990$926,128
30$1,548,844$531,260$47,240$970,344
Total$25,000,000$8,022,845$762,500$16,214,654

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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.