USA Mega

New Jersey Mega Millions Jackpot Annuity Payout Schedule for Mar 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 $30,000,000 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:Tue, Mar 24, 1998
Jackpot:$30,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$451,543$128,415$48,541$274,587
2$474,120$136,317$50,968$286,835
3$497,826$144,614$53,516$299,696
4$522,718$153,326$56,192$313,200
5$548,853$162,473$59,002$327,378
6$576,296$172,078$61,952$342,266
7$605,111$182,164$65,049$357,898
8$635,366$193,273$68,302$373,791
9$667,135$205,028$71,717$390,390
10$700,491$217,370$75,303$407,819
11$735,516$230,329$79,068$426,119
12$772,292$243,936$83,021$445,335
13$810,906$258,223$87,172$465,511
14$851,452$273,225$91,531$486,696
15$894,024$288,977$96,108$508,940
16$938,726$305,516$100,913$532,296
17$985,662$322,883$105,959$556,821
18$1,034,945$341,117$111,257$582,571
19$1,086,692$360,264$116,819$609,609
20$1,141,027$380,368$122,660$637,999
21$1,198,078$401,477$128,793$667,808
22$1,257,982$423,641$135,233$699,108
23$1,320,881$446,914$141,995$731,973
24$1,386,925$471,350$149,094$766,481
25$1,456,271$497,008$156,549$802,714
26$1,529,085$523,949$164,377$840,759
27$1,605,539$552,237$172,595$880,707
28$1,685,816$581,940$181,225$922,651
29$1,770,107$613,127$190,287$966,693
30$1,858,612$645,874$199,801$1,012,937
Total$30,000,000$9,857,413$3,224,999$16,917,588

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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.