USA Mega

New Mexico Mega Millions Jackpot Annuity Payout Schedule for Jul 21, 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 $11,000,000 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, Jul 21, 1998
Jackpot:$11,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$165,566$32,778$9,768$123,019
2$173,844$34,765$10,257$128,822
3$182,536$36,851$10,770$134,915
4$191,663$39,042$11,308$141,313
5$201,246$42,085$11,874$147,287
6$211,309$45,305$12,467$153,536
7$221,874$48,686$13,091$160,097
8$232,968$52,236$13,745$166,986
9$244,616$55,990$14,432$174,193
10$256,847$60,271$15,154$181,422
11$269,689$64,766$15,912$189,012
12$283,174$69,486$16,707$196,981
13$297,332$74,441$17,543$205,349
14$312,199$79,644$18,420$214,135
15$327,809$85,108$19,341$223,360
16$344,199$90,845$20,308$233,047
17$361,409$96,868$21,323$243,218
18$379,480$103,193$22,389$253,898
19$398,454$109,834$23,509$265,111
20$418,376$116,807$24,684$276,886
21$439,295$124,128$25,918$289,249
22$461,260$131,816$27,214$302,230
23$484,323$139,888$28,575$315,860
24$508,539$148,363$30,004$330,172
25$533,966$157,263$31,504$345,199
26$560,665$166,607$33,079$360,978
27$588,698$176,419$34,733$377,546
28$618,133$186,897$36,470$394,766
29$649,039$198,332$38,293$412,414
30$681,491$210,340$40,208$430,944
Total$11,000,000$2,979,054$649,000$7,371,945

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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.