USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Jun 26, 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 $13,000,000 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, Jun 26, 1998
Jackpot:$13,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$195,669$40,300$8,316$147,052
2$205,452$43,431$8,732$153,289
3$215,725$46,718$9,168$159,838
4$226,511$50,170$9,627$166,714
5$237,836$53,794$10,108$173,934
6$249,728$57,780$10,613$181,335
7$262,215$62,150$11,144$188,921
8$275,325$66,739$11,701$196,885
9$289,092$71,557$12,286$205,248
10$303,546$76,616$12,901$214,030
11$318,724$81,928$13,546$223,250
12$334,660$87,506$14,223$232,931
13$351,393$93,362$14,934$243,096
14$368,962$99,512$15,681$253,770
15$387,411$105,968$16,465$264,977
16$406,781$112,748$17,288$276,745
17$427,120$119,867$18,153$289,101
18$448,476$127,341$19,060$302,075
19$470,900$135,190$20,013$315,697
20$494,445$143,430$21,014$330,001
21$519,167$152,083$22,065$345,019
22$545,126$161,169$23,168$360,789
23$572,382$170,708$24,326$377,347
24$601,001$180,725$25,543$394,733
25$631,051$191,677$26,820$412,555
26$662,604$203,351$28,161$431,092
27$695,734$215,609$29,569$450,556
28$730,520$228,480$31,047$470,993
29$767,046$241,995$32,599$492,452
30$805,399$256,185$34,229$514,984
Total$13,000,000$3,678,089$552,500$8,769,409

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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.