USA Mega

New Jersey Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 1998

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The tax information provided here is based on 2025 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 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, Sep 8, 1998
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$180,617$36,195$19,416$125,006
2$189,648$38,363$20,387$130,898
3$199,130$40,785$21,407$136,939
4$209,087$43,971$22,477$142,639
5$219,541$47,316$23,601$148,624
6$230,518$50,829$24,781$154,909
7$242,044$54,517$26,020$161,507
8$254,147$58,499$27,321$168,327
9$266,854$62,946$28,687$175,221
10$280,197$67,616$30,121$182,459
11$294,206$72,519$31,627$190,060
12$308,917$77,668$33,209$198,040
13$324,363$83,074$34,869$206,419
14$340,581$88,750$36,612$215,218
15$357,610$94,711$38,443$224,456
16$375,490$100,969$40,365$234,156
17$394,265$107,540$42,383$244,341
18$413,978$114,440$44,503$255,036
19$434,677$121,684$46,728$266,265
20$456,411$129,291$49,064$278,056
21$479,231$137,278$51,517$290,436
22$503,193$145,665$54,093$303,435
23$528,352$154,471$56,798$317,084
24$554,770$163,717$59,638$331,416
25$582,509$173,425$62,620$346,464
26$611,634$183,619$65,751$362,264
27$642,216$194,640$69,038$378,537
28$674,327$206,521$72,490$395,315
29$708,043$218,996$76,115$412,932
30$743,445$232,095$79,920$431,430
Total$12,000,000$3,302,110$1,290,001$7,407,889

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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.