USA Mega

New Mexico Mega Millions Jackpot Annuity Payout Schedule for Dec 8, 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 $5,000,000 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:Tue, Dec 8, 1998
Jackpot:$5,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$75,257$11,610$4,440$59,207
2$79,020$12,437$4,662$61,920
3$82,971$13,307$4,895$64,769
4$87,120$14,219$5,140$67,760
5$91,476$15,178$5,397$70,901
6$96,049$16,184$5,667$74,199
7$100,852$17,247$5,950$77,655
8$105,894$18,457$6,248$81,189
9$111,189$19,728$6,560$84,901
10$116,749$21,062$6,888$88,798
11$122,586$22,463$7,233$92,890
12$128,715$23,934$7,594$97,187
13$135,151$25,479$7,974$101,698
14$141,909$27,101$8,373$106,435
15$149,004$28,803$8,791$111,409
16$156,454$30,592$9,231$116,632
17$164,277$32,469$9,692$122,116
18$172,491$34,440$10,177$127,874
19$181,115$36,510$10,686$133,919
20$190,171$38,684$11,220$140,267
21$199,680$41,584$11,781$146,315
22$209,664$44,779$12,370$152,515
23$220,147$48,133$12,989$159,025
24$231,154$51,656$13,638$165,860
25$242,712$55,354$14,320$173,038
26$254,848$59,571$15,036$180,240
27$267,590$64,031$15,788$187,771
28$280,969$68,714$16,577$195,678
29$295,018$73,631$17,406$203,981
30$309,769$78,794$18,276$212,699
Total$5,000,000$1,046,151$294,999$3,658,848

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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.