USA Mega

Minnesota Mega Millions Jackpot Annuity Payout Schedule for Jan 8, 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 $20,000,000 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, Jan 8, 1999
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$29,651$195,643
2$316,080$81,003$31,134$203,943
3$331,884$86,534$32,691$212,659
4$348,478$92,342$34,325$221,811
5$365,902$98,441$36,041$231,420
6$384,197$104,844$37,843$241,510
7$403,407$111,567$39,736$252,104
8$423,578$118,627$41,722$263,228
9$444,757$126,040$43,809$274,908
10$466,994$133,823$45,999$287,173
11$490,344$141,995$48,299$300,050
12$514,861$150,576$50,714$313,571
13$540,604$159,586$53,250$327,769
14$567,635$169,047$55,912$342,676
15$596,016$178,980$58,708$358,328
16$625,817$189,740$61,643$374,434
17$657,108$201,318$64,725$391,065
18$689,963$213,474$67,961$408,528
19$724,461$226,238$71,359$426,864
20$760,685$239,641$74,927$446,116
21$798,719$253,714$78,674$466,331
22$838,655$268,490$82,607$487,557
23$880,587$284,005$86,738$509,844
24$924,617$300,296$91,075$533,246
25$970,848$317,401$95,628$557,818
26$1,019,390$335,362$100,410$583,618
27$1,070,360$354,221$105,430$610,708
28$1,123,878$374,022$110,702$639,153
29$1,180,071$394,814$116,237$669,020
30$1,239,075$416,645$122,049$700,381
Total$20,000,000$6,198,521$1,969,999$11,831,476

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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.