USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Sep 15, 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 $16,000,000 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, Sep 15, 1998
Jackpot:$16,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$240,823$54,750$10,235$175,838
2$252,864$58,877$10,747$183,240
3$265,507$63,302$11,284$190,921
4$278,783$67,949$11,848$198,986
5$292,722$72,827$12,441$207,454
6$307,358$77,950$13,063$216,345
7$322,726$83,329$13,716$225,681
8$338,862$88,976$14,402$235,484
9$355,805$94,907$15,122$245,777
10$373,595$101,133$15,878$256,584
11$392,275$107,671$16,672$267,932
12$411,889$114,536$17,505$279,848
13$432,483$121,744$18,381$292,359
14$454,108$129,312$19,300$305,496
15$476,813$137,259$20,265$319,289
16$500,654$145,604$21,278$333,772
17$525,686$154,365$22,342$348,980
18$551,971$163,564$23,459$364,947
19$579,569$173,224$24,632$381,714
20$608,548$183,366$25,863$399,318
21$638,975$194,609$27,156$417,210
22$670,924$206,430$28,514$435,980
23$704,470$218,842$29,940$455,688
24$739,693$231,874$31,437$476,382
25$776,678$245,559$33,009$498,111
26$815,512$259,927$34,659$520,926
27$856,288$275,014$36,392$544,881
28$899,102$290,855$38,212$570,035
29$944,057$307,489$40,122$596,446
30$991,260$324,954$42,129$624,177
Total$16,000,000$4,750,198$680,003$10,569,801

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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.