USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Oct 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 $32,000,000 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, Oct 9, 1998
Jackpot:$32,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$481,646$138,951$20,470$322,225
2$505,728$147,380$21,493$336,855
3$531,015$156,230$22,568$352,217
4$557,565$165,523$23,697$368,346
5$585,444$175,280$24,881$385,282
6$614,716$185,633$26,125$402,958
7$645,452$197,005$27,432$421,015
8$677,724$208,946$28,803$439,975
9$711,610$221,484$30,243$459,883
10$747,191$234,648$31,756$480,787
11$784,550$248,471$33,343$502,736
12$823,778$262,986$35,011$525,782
13$864,967$278,225$36,761$549,980
14$908,215$294,227$38,599$575,389
15$953,626$311,029$40,529$602,068
16$1,001,307$328,671$42,556$630,080
17$1,051,373$347,196$44,683$659,494
18$1,103,941$366,646$46,918$690,378
19$1,159,138$387,069$49,263$722,806
20$1,217,095$408,513$51,727$756,856
21$1,277,950$431,029$54,313$792,608
22$1,341,848$454,671$57,029$830,148
23$1,408,940$479,496$59,880$869,564
24$1,479,387$505,561$62,874$910,952
25$1,553,356$532,930$66,018$954,409
26$1,631,024$561,667$69,319$1,000,039
27$1,712,575$591,841$72,784$1,047,950
28$1,798,204$623,523$76,424$1,098,257
29$1,888,114$656,790$80,245$1,151,079
30$1,982,520$691,720$84,257$1,206,543
Total$32,000,000$10,593,341$1,360,001$20,046,661

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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.