USA Mega

Maine Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 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 $7,000,000 for a ticket purchased in Maine, 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:

Maine

Drawing Date:Tue, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 7.15%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$7,533$79,498
2$110,628$19,593$7,910$83,125
3$116,159$20,921$8,305$86,933
4$121,967$22,315$8,721$90,932
5$128,066$23,778$9,157$95,131
6$134,469$25,315$9,615$99,539
7$141,193$26,929$10,095$104,169
8$148,252$28,623$10,600$109,029
9$155,665$30,402$11,130$114,133
10$163,448$32,270$11,687$119,491
11$171,620$34,231$12,271$125,118
12$180,201$36,291$12,884$131,026
13$189,212$38,453$13,529$137,230
14$198,672$41,262$14,205$143,205
15$208,606$44,440$14,915$149,250
16$219,036$47,778$15,661$155,597
17$229,988$51,283$16,444$162,261
18$241,487$54,962$17,266$169,258
19$253,562$59,121$18,130$176,311
20$266,240$63,559$19,036$183,645
21$279,552$68,218$19,988$191,346
22$293,529$73,110$20,987$199,432
23$308,206$78,247$22,037$207,922
24$323,616$83,640$23,139$216,837
25$339,797$89,304$24,295$226,198
26$356,787$95,250$25,510$236,026
27$374,626$101,494$26,786$246,346
28$393,357$108,050$28,125$257,182
29$413,025$114,933$29,531$268,560
30$433,676$122,161$31,008$280,507
Total$7,000,000$1,654,262$500,500$4,845,237

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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.