USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Jan 26, 1999

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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 $40,000,000 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, Jan 26, 1999
Jackpot:$40,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$181,095$25,587$395,375
2$632,160$192,087$26,867$413,206
3$663,768$203,782$28,210$431,776
4$696,957$216,062$29,621$451,274
5$731,805$228,955$31,102$471,747
6$768,395$242,494$32,657$493,244
7$806,815$256,709$34,290$515,816
8$847,155$271,635$36,004$539,516
9$889,513$287,308$37,804$564,401
10$933,989$303,764$39,695$590,531
11$980,688$321,042$41,679$617,966
12$1,029,722$339,185$43,763$646,774
13$1,081,209$358,235$45,951$677,022
14$1,135,269$378,237$48,249$708,783
15$1,192,032$399,240$50,661$742,131
16$1,251,634$421,292$53,194$777,147
17$1,314,216$444,448$55,854$813,914
18$1,379,927$468,761$58,647$852,519
19$1,448,923$494,289$61,579$893,054
20$1,521,369$521,094$64,658$935,617
21$1,597,438$549,240$67,891$980,307
22$1,677,309$578,792$71,286$1,027,232
23$1,761,175$609,822$74,850$1,076,502
24$1,849,234$642,404$78,592$1,128,237
25$1,941,695$676,615$82,522$1,182,558
26$2,038,780$712,536$86,648$1,239,596
27$2,140,719$750,254$90,981$1,299,485
28$2,247,755$789,857$95,530$1,362,368
29$2,360,143$831,441$100,306$1,428,396
30$2,478,150$875,103$105,321$1,497,725
Total$40,000,000$13,545,778$1,699,999$24,754,219

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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.