USA Mega

Michigan 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 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:Tue, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$4,478$82,553
2$110,628$19,593$4,702$86,333
3$116,159$20,921$4,937$90,302
4$121,967$22,315$5,184$94,469
5$128,066$23,778$5,443$98,845
6$134,469$25,315$5,715$103,439
7$141,193$26,929$6,001$108,263
8$148,252$28,623$6,301$113,328
9$155,665$30,402$6,616$118,647
10$163,448$32,270$6,947$124,231
11$171,620$34,231$7,294$130,095
12$180,201$36,291$7,659$136,252
13$189,212$38,453$8,041$142,717
14$198,672$41,262$8,444$148,967
15$208,606$44,440$8,866$155,300
16$219,036$47,778$9,309$161,949
17$229,988$51,283$9,774$168,931
18$241,487$54,962$10,263$176,262
19$253,562$59,121$10,776$183,664
20$266,240$63,559$11,315$191,366
21$279,552$68,218$11,881$199,453
22$293,529$73,110$12,475$207,944
23$308,206$78,247$13,099$216,860
24$323,616$83,640$13,754$226,222
25$339,797$89,304$14,441$236,052
26$356,787$95,250$15,163$246,373
27$374,626$101,494$15,922$257,210
28$393,357$108,050$16,718$268,590
29$413,025$114,933$17,554$280,538
30$433,676$122,161$18,431$293,084
Total$7,000,000$1,654,262$297,503$5,048,239

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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.