USA Mega

New Jersey Mega Millions Jackpot Annuity Payout Schedule for May 30, 1997

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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 $8,000,000 for a ticket purchased in New Jersey, 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:

New Jersey

Drawing Date:Fri, May 30, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$12,944$85,526
2$126,432$23,386$13,591$89,454
3$132,754$24,903$14,271$93,579
4$139,391$26,496$14,985$97,910
5$146,361$28,169$15,734$102,458
6$153,679$29,925$16,520$107,233
7$161,363$31,770$17,347$112,247
8$169,431$33,706$18,214$117,511
9$177,903$35,739$19,125$123,039
10$186,798$37,874$20,081$128,843
11$196,138$40,451$21,085$134,602
12$205,944$43,589$22,139$140,217
13$216,242$46,884$23,246$146,112
14$227,054$50,344$24,408$152,302
15$238,406$53,977$25,629$158,801
16$250,327$57,989$26,910$165,428
17$262,843$62,370$28,256$172,218
18$275,985$66,970$29,668$179,347
19$289,785$71,799$31,152$186,833
20$304,274$76,871$32,709$194,694
21$319,488$82,195$34,345$202,947
22$335,462$87,786$36,062$211,613
23$352,235$93,657$37,865$220,713
24$369,847$99,821$39,759$230,267
25$388,339$106,293$41,746$240,299
26$407,756$113,089$43,834$250,833
27$428,144$120,225$46,025$261,893
28$449,551$127,718$48,327$273,507
29$472,029$135,585$50,743$285,701
30$495,630$143,845$53,280$298,505
Total$8,000,000$1,975,367$860,000$5,164,632

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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.