USA Mega

Indiana Mega Millions Jackpot Annuity Payout Schedule for Nov 27, 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 $5,000,000 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 27, 1998
Jackpot:$5,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$75,257$11,610$2,295$61,352
2$79,020$12,437$2,410$64,173
3$82,971$13,307$2,531$67,134
4$87,120$14,219$2,657$70,243
5$91,476$15,178$2,790$73,508
6$96,049$16,184$2,930$76,936
7$100,852$17,247$3,076$80,529
8$105,894$18,457$3,230$84,207
9$111,189$19,728$3,391$88,070
10$116,749$21,062$3,561$92,126
11$122,586$22,463$3,739$96,384
12$128,715$23,934$3,926$100,855
13$135,151$25,479$4,122$105,550
14$141,909$27,101$4,328$110,480
15$149,004$28,803$4,545$115,656
16$156,454$30,592$4,772$121,091
17$164,277$32,469$5,010$126,798
18$172,491$34,440$5,261$132,790
19$181,115$36,510$5,524$139,081
20$190,171$38,684$5,800$145,687
21$199,680$41,584$6,090$152,005
22$209,664$44,779$6,395$158,490
23$220,147$48,133$6,714$165,299
24$231,154$51,656$7,050$172,448
25$242,712$55,354$7,403$179,955
26$254,848$59,571$7,773$187,503
27$267,590$64,031$8,161$195,397
28$280,969$68,714$8,570$203,686
29$295,018$73,631$8,998$212,389
30$309,769$78,794$9,448$221,527
Total$5,000,000$1,046,151$152,500$3,801,349

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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.