USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Nov 21, 1997

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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 $15,000,000 for a ticket purchased in Michigan, 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:

Michigan

Drawing Date:Fri, Nov 21, 1997
Jackpot:$15,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$225,772$49,933$9,595$166,243
2$237,060$53,546$10,075$173,439
3$248,913$57,494$10,579$180,840
4$261,359$61,850$11,108$188,401
5$274,427$66,424$11,663$196,339
6$288,148$71,227$12,246$204,675
7$302,555$76,269$12,859$213,428
8$317,683$81,564$13,502$222,618
9$333,567$87,123$14,177$232,267
10$350,246$92,961$14,885$242,400
11$367,758$99,090$15,630$253,038
12$386,146$105,526$16,411$264,209
13$405,453$112,283$17,232$275,938
14$425,726$119,379$18,093$288,254
15$447,012$126,829$18,998$301,185
16$469,363$134,652$19,948$314,763
17$492,831$142,866$20,945$329,020
18$517,472$151,490$21,993$343,990
19$543,346$160,546$23,092$359,708
20$570,513$170,054$24,247$376,212
21$599,039$180,038$25,459$393,541
22$628,991$190,914$26,732$411,344
23$660,441$202,551$28,069$429,821
24$693,463$214,769$29,472$449,222
25$728,136$227,598$30,946$469,592
26$764,543$241,068$32,493$490,981
27$802,770$255,213$34,118$513,439
28$842,908$270,064$35,824$537,021
29$885,054$285,658$37,615$561,781
30$929,306$302,031$39,496$587,780
Total$15,000,000$4,391,010$637,502$9,971,489

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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.