USA Mega

Minnesota Mega Millions Jackpot Annuity Payout Schedule for Aug 7, 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 Minnesota, 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:

Minnesota

Drawing Date:Fri, Aug 7, 1998
Jackpot:$13,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$195,669$40,300$19,273$136,095
2$205,452$43,431$20,237$141,784
3$215,725$46,718$21,249$147,757
4$226,511$50,170$22,311$154,030
5$237,836$53,794$23,427$160,615
6$249,728$57,780$24,598$167,350
7$262,215$62,150$25,828$174,237
8$275,325$66,739$27,120$181,467
9$289,092$71,557$28,476$189,059
10$303,546$76,616$29,899$197,031
11$318,724$81,928$31,394$205,401
12$334,660$87,506$32,964$214,190
13$351,393$93,362$34,612$223,418
14$368,962$99,512$36,343$233,108
15$387,411$105,968$38,160$243,282
16$406,781$112,748$40,068$253,965
17$427,120$119,867$42,071$265,182
18$448,476$127,341$44,175$276,960
19$470,900$135,190$46,384$289,327
20$494,445$143,430$48,703$302,312
21$519,167$152,083$51,138$315,946
22$545,126$161,169$53,695$330,262
23$572,382$170,708$56,380$345,294
24$601,001$180,725$59,199$361,077
25$631,051$191,677$62,159$377,216
26$662,604$203,351$65,266$393,986
27$695,734$215,609$68,530$411,595
28$730,520$228,480$71,956$430,084
29$767,046$241,995$75,554$449,497
30$805,399$256,185$79,332$469,882
Total$13,000,000$3,678,089$1,280,501$8,041,409

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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.