USA Mega

Mississippi Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 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 $7,000,000 for a ticket purchased in Mississippi, 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:

Mississippi

Drawing Date:Tue, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 4.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$4,952$82,079
2$110,628$19,593$5,200$85,835
3$116,159$20,921$5,459$89,779
4$121,967$22,315$5,732$93,920
5$128,066$23,778$6,019$98,268
6$134,469$25,315$6,320$102,834
7$141,193$26,929$6,636$107,628
8$148,252$28,623$6,968$112,661
9$155,665$30,402$7,316$117,946
10$163,448$32,270$7,682$123,496
11$171,620$34,231$8,066$129,323
12$180,201$36,291$8,469$135,441
13$189,212$38,453$8,893$141,865
14$198,672$41,262$9,338$148,073
15$208,606$44,440$9,804$154,361
16$219,036$47,778$10,295$160,963
17$229,988$51,283$10,809$167,896
18$241,487$54,962$11,350$175,175
19$253,562$59,121$11,917$182,523
20$266,240$63,559$12,513$190,168
21$279,552$68,218$13,139$198,195
22$293,529$73,110$13,796$206,623
23$308,206$78,247$14,486$215,473
24$323,616$83,640$15,210$224,766
25$339,797$89,304$15,970$234,523
26$356,787$95,250$16,769$244,768
27$374,626$101,494$17,607$255,525
28$393,357$108,050$18,488$266,820
29$413,025$114,933$19,412$278,679
30$433,676$122,161$20,383$291,132
Total$7,000,000$1,654,262$328,998$5,016,738

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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.