USA Mega

New Mexico Mega Millions Jackpot Annuity Payout Schedule for Dec 26, 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 Mexico, 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 Mexico

Drawing Date:Fri, Dec 26, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$7,104$91,366
2$126,432$23,386$7,459$95,586
3$132,754$24,903$7,832$100,018
4$139,391$26,496$8,224$104,671
5$146,361$28,169$8,635$109,556
6$153,679$29,925$9,067$114,686
7$161,363$31,770$9,520$120,073
8$169,431$33,706$9,996$125,729
9$177,903$35,739$10,496$131,667
10$186,798$37,874$11,021$137,903
11$196,138$40,451$11,572$144,115
12$205,944$43,589$12,151$150,205
13$216,242$46,884$12,758$156,600
14$227,054$50,344$13,396$163,314
15$238,406$53,977$14,066$170,364
16$250,327$57,989$14,769$177,568
17$262,843$62,370$15,508$184,966
18$275,985$66,970$16,283$192,733
19$289,785$71,799$17,097$200,888
20$304,274$76,871$17,952$209,451
21$319,488$82,195$18,850$218,442
22$335,462$87,786$19,792$227,883
23$352,235$93,657$20,782$237,796
24$369,847$99,821$21,821$248,205
25$388,339$106,293$22,912$259,134
26$407,756$113,089$24,058$270,609
27$428,144$120,225$25,260$282,658
28$449,551$127,718$26,524$295,310
29$472,029$135,585$27,850$308,594
30$495,630$143,845$29,242$322,543
Total$8,000,000$1,975,367$471,997$5,552,633

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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.