USA Mega

Indiana Mega Millions Jackpot Annuity Payout Schedule for Sep 22, 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 $20,000,000 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 22, 1998
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$9,181$216,113
2$316,080$81,003$9,640$225,437
3$331,884$86,534$10,122$235,227
4$348,478$92,342$10,629$245,508
5$365,902$98,441$11,160$256,302
6$384,197$104,844$11,718$267,636
7$403,407$111,567$12,304$279,536
8$423,578$118,627$12,919$292,032
9$444,757$126,040$13,565$305,152
10$466,994$133,823$14,243$318,928
11$490,344$141,995$14,955$333,393
12$514,861$150,576$15,703$348,582
13$540,604$159,586$16,488$364,530
14$567,635$169,047$17,313$381,275
15$596,016$178,980$18,178$398,857
16$625,817$189,740$19,087$416,990
17$657,108$201,318$20,042$435,748
18$689,963$213,474$21,044$455,445
19$724,461$226,238$22,096$476,127
20$760,685$239,641$23,201$497,843
21$798,719$253,714$24,361$520,644
22$838,655$268,490$25,579$544,586
23$880,587$284,005$26,858$569,724
24$924,617$300,296$28,201$596,120
25$970,848$317,401$29,611$623,835
26$1,019,390$335,362$31,091$652,937
27$1,070,360$354,221$32,646$683,493
28$1,123,878$374,022$34,278$715,577
29$1,180,071$394,814$35,992$749,265
30$1,239,075$416,645$37,792$784,638
Total$20,000,000$6,198,521$609,997$13,191,480

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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.