USA Mega

New Mexico Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 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 $7,000,000 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, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,133$6,216$81,010
2$110,628$19,398$6,527$84,703
3$116,159$20,725$6,853$88,581
4$121,967$22,119$7,196$92,652
5$128,066$23,583$7,556$96,927
6$134,469$25,120$7,934$101,416
7$141,193$26,733$8,330$106,129
8$148,252$28,428$8,747$111,078
9$155,665$30,207$9,184$116,274
10$163,448$32,075$9,643$121,730
11$171,620$34,036$10,126$127,459
12$180,201$36,095$10,632$133,474
13$189,212$38,258$11,163$139,790
14$198,672$40,638$11,722$146,312
15$208,606$43,817$12,308$152,481
16$219,036$47,155$12,923$158,958
17$229,988$50,659$13,569$165,759
18$241,487$54,339$14,248$172,901
19$253,562$58,294$14,960$180,308
20$266,240$62,731$15,708$187,800
21$279,552$67,390$16,494$195,668
22$293,529$72,282$17,318$203,928
23$308,206$77,419$18,184$212,602
24$323,616$82,813$19,093$221,710
25$339,797$88,476$20,048$231,273
26$356,787$94,423$21,050$241,314
27$374,626$100,666$22,103$251,857
28$393,357$107,222$23,208$262,927
29$413,025$114,106$24,368$274,551
30$433,676$121,334$25,587$286,755
Total$7,000,000$1,638,674$412,998$4,948,327

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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.