USA Mega

New Mexico Mega Millions Jackpot Annuity Payout Schedule for Aug 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 $22,000,000 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, Aug 21, 1998
Jackpot:$22,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$86,271$19,537$225,324
2$347,688$92,066$20,514$235,109
3$365,073$98,150$21,539$245,383
4$383,326$104,539$22,616$256,171
5$402,492$111,247$23,747$267,498
6$422,617$118,291$24,934$279,392
7$443,748$125,687$26,181$291,880
8$465,935$133,452$27,490$304,993
9$489,232$141,606$28,865$318,761
10$513,694$150,168$30,308$333,218
11$539,378$159,157$31,823$348,398
12$566,347$168,596$33,414$364,337
13$594,665$178,507$35,085$381,072
14$624,398$189,215$36,839$398,343
15$655,618$200,766$38,681$416,170
16$688,399$212,895$40,616$434,888
17$722,819$225,631$42,646$454,542
18$758,960$239,003$44,779$475,178
19$796,908$253,044$47,018$496,846
20$836,753$267,786$49,368$519,598
21$878,591$283,266$51,837$543,488
22$922,520$299,520$54,429$568,571
23$968,646$316,587$57,150$594,909
24$1,017,078$334,507$60,008$622,564
25$1,067,932$353,323$63,008$651,602
26$1,121,329$373,079$66,158$682,091
27$1,177,395$393,824$69,466$714,105
28$1,236,265$415,606$72,940$747,720
29$1,298,079$438,477$76,587$783,015
30$1,362,982$462,491$80,416$820,075
Total$22,000,000$6,926,757$1,297,999$13,775,241

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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.