USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Jan 9, 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 $14,000,000 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, Jan 9, 1998
Jackpot:$14,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$210,720$45,117$8,956$156,648
2$221,256$48,488$9,403$163,364
3$232,319$52,029$9,874$170,417
4$243,935$55,752$10,367$177,816
5$256,132$60,021$10,886$185,225
6$268,938$64,503$11,430$193,005
7$282,385$69,210$12,001$201,174
8$296,504$74,151$12,601$209,752
9$311,330$79,340$13,232$218,758
10$326,896$84,788$13,893$228,215
11$343,241$90,509$14,588$238,144
12$360,403$96,516$15,317$248,570
13$378,423$102,823$16,083$259,517
14$397,344$109,445$16,887$271,012
15$417,211$116,399$17,731$283,081
16$438,072$123,700$18,618$295,754
17$459,976$131,366$19,549$309,060
18$482,974$139,416$20,526$323,032
19$507,123$147,868$21,553$337,702
20$532,479$156,742$22,630$353,106
21$559,103$166,061$23,762$369,280
22$587,058$175,845$24,950$386,263
23$616,411$186,260$26,197$403,954
24$647,232$197,664$27,507$422,061
25$679,593$209,637$28,883$441,073
26$713,573$222,210$30,327$461,036
27$749,252$235,411$31,843$481,998
28$786,714$249,272$33,435$504,007
29$826,050$263,826$35,107$527,117
30$867,352$279,108$36,862$551,382
Total$14,000,000$4,033,477$594,998$9,371,523

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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.