USA Mega

New Jersey Mega Millions Jackpot Annuity Payout Schedule for Jun 30, 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 $15,000,000 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, Jun 30, 1998
Jackpot:$15,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$225,772$49,933$24,270$151,568
2$237,060$53,546$25,484$158,030
3$248,913$57,494$26,758$164,661
4$261,359$61,850$28,096$171,412
5$274,427$66,424$29,501$178,502
6$288,148$71,227$30,976$185,946
7$302,555$76,269$32,525$193,762
8$317,683$81,564$34,151$201,968
9$333,567$87,123$35,858$210,586
10$350,246$92,961$37,651$219,634
11$367,758$99,090$39,534$229,134
12$386,146$105,526$41,511$239,109
13$405,453$112,283$43,586$249,584
14$425,726$119,379$45,766$260,582
15$447,012$126,829$48,054$272,129
16$469,363$134,652$50,457$284,255
17$492,831$142,866$52,979$296,986
18$517,472$151,490$55,628$310,354
19$543,346$160,546$58,410$324,391
20$570,513$170,054$61,330$339,129
21$599,039$180,038$64,397$354,604
22$628,991$190,914$67,617$370,460
23$660,441$202,551$70,997$386,892
24$693,463$214,769$74,547$404,146
25$728,136$227,598$78,275$422,263
26$764,543$241,068$82,188$441,286
27$802,770$255,213$86,298$461,259
28$842,908$270,064$90,613$482,232
29$885,054$285,658$95,143$504,253
30$929,306$302,031$99,900$527,375
Total$15,000,000$4,391,010$1,612,500$8,996,492

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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.