USA Mega

Indiana Mega Millions Jackpot Annuity Payout Schedule for Sep 15, 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 $16,000,000 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, Sep 15, 1998
Jackpot:$16,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$240,823$54,750$7,345$178,728
2$252,864$58,877$7,712$186,275
3$265,507$63,302$8,098$194,107
4$278,783$67,949$8,503$202,331
5$292,722$72,827$8,928$210,966
6$307,358$77,950$9,374$220,033
7$322,726$83,329$9,843$229,554
8$338,862$88,976$10,335$239,550
9$355,805$94,907$10,852$250,047
10$373,595$101,133$11,395$261,068
11$392,275$107,671$11,964$272,640
12$411,889$114,536$12,563$284,790
13$432,483$121,744$13,191$297,549
14$454,108$129,312$13,850$310,945
15$476,813$137,259$14,543$325,011
16$500,654$145,604$15,270$339,780
17$525,686$154,365$16,033$355,288
18$551,971$163,564$16,835$371,571
19$579,569$173,224$17,677$388,668
20$608,548$183,366$18,561$406,621
21$638,975$194,609$19,489$424,878
22$670,924$206,430$20,463$444,031
23$704,470$218,842$21,486$464,142
24$739,693$231,874$22,561$485,258
25$776,678$245,559$23,689$507,431
26$815,512$259,927$24,873$530,712
27$856,288$275,014$26,117$555,157
28$899,102$290,855$27,423$580,824
29$944,057$307,489$28,794$607,774
30$991,260$324,954$30,233$636,073
Total$16,000,000$4,750,198$488,000$10,761,802

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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.