USA Mega

Minnesota Mega Millions Jackpot Annuity Payout Schedule for Feb 16, 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 $12,000,000 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:Tue, Feb 16, 1999
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$180,617$36,391$17,791$126,436
2$189,648$38,558$18,680$132,410
3$199,130$41,408$19,614$138,108
4$209,087$44,594$20,595$143,898
5$219,541$47,940$21,625$149,977
6$230,518$51,452$22,706$156,360
7$242,044$55,141$23,841$163,062
8$254,147$59,326$25,033$169,787
9$266,854$63,774$26,285$176,795
10$280,197$68,444$27,599$184,154
11$294,206$73,347$28,979$191,880
12$308,917$78,496$30,428$199,993
13$324,363$83,902$31,950$208,511
14$340,581$89,578$33,547$217,456
15$357,610$95,538$35,225$226,847
16$375,490$101,796$36,986$236,708
17$394,265$108,367$38,835$247,062
18$413,978$115,267$40,777$257,934
19$434,677$122,512$42,816$269,350
20$456,411$130,119$44,956$281,336
21$479,231$138,106$47,204$293,921
22$503,193$146,492$49,564$307,136
23$528,352$155,298$52,043$321,012
24$554,770$164,544$54,645$335,581
25$582,509$174,253$57,377$350,879
26$611,634$184,492$60,246$366,896
27$642,216$195,808$63,258$383,150
28$674,327$207,689$66,421$400,217
29$708,043$220,164$69,742$418,137
30$743,445$233,262$73,229$436,953
Total$12,000,000$3,326,058$1,181,997$7,491,946

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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.