USA Mega

New Mexico Mega Millions Jackpot Annuity Payout Schedule for Aug 7, 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 $13,000,000 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 7, 1998
Jackpot:$13,000,000
Federal Tax:37% marginal rate
State Tax: 5.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$195,669$40,300$11,544$143,824
2$205,452$43,431$12,122$149,899
3$215,725$46,718$12,728$156,279
4$226,511$50,170$13,364$162,977
5$237,836$53,794$14,032$170,010
6$249,728$57,780$14,734$177,215
7$262,215$62,150$15,471$184,594
8$275,325$66,739$16,244$192,343
9$289,092$71,557$17,056$200,478
10$303,546$76,616$17,909$209,021
11$318,724$81,928$18,805$217,991
12$334,660$87,506$19,745$227,409
13$351,393$93,362$20,732$237,298
14$368,962$99,512$21,769$247,682
15$387,411$105,968$22,857$258,585
16$406,781$112,748$24,000$270,033
17$427,120$119,867$25,200$282,053
18$448,476$127,341$26,460$294,675
19$470,900$135,190$27,783$307,927
20$494,445$143,430$29,172$321,842
21$519,167$152,083$30,631$336,453
22$545,126$161,169$32,162$351,794
23$572,382$170,708$33,771$367,903
24$601,001$180,725$35,459$384,817
25$631,051$191,677$37,232$402,142
26$662,604$203,351$39,094$420,159
27$695,734$215,609$41,048$439,076
28$730,520$228,480$43,101$458,939
29$767,046$241,995$45,256$479,796
30$805,399$256,185$47,519$501,695
Total$13,000,000$3,678,089$767,000$8,554,909

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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.