USA Mega

New York Mega Millions Jackpot Annuity Payout Schedule for Dec 5, 1997

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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 $8,000,000 for a ticket purchased in New York, 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 York

Drawing Date:Fri, Dec 5, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 10.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$13,125$85,345
2$126,432$23,386$13,781$89,265
3$132,754$24,903$14,470$93,380
4$139,391$26,496$15,194$97,701
5$146,361$28,169$15,953$102,238
6$153,679$29,925$16,751$107,002
7$161,363$31,770$17,589$112,005
8$169,431$33,706$18,468$117,257
9$177,903$35,739$19,391$122,772
10$186,798$37,874$20,361$128,563
11$196,138$40,451$21,379$134,308
12$205,944$43,589$22,448$139,908
13$216,242$46,884$23,570$145,788
14$227,054$50,344$24,749$151,961
15$238,406$53,977$25,986$158,444
16$250,327$57,989$27,286$165,052
17$262,843$62,370$28,650$171,823
18$275,985$66,970$30,082$178,933
19$289,785$71,799$31,587$186,399
20$304,274$76,871$33,166$194,237
21$319,488$82,195$34,824$202,468
22$335,462$87,786$36,565$211,110
23$352,235$93,657$38,394$220,184
24$369,847$99,821$40,313$229,712
25$388,339$106,293$42,329$239,717
26$407,756$113,089$44,445$250,221
27$428,144$120,225$46,668$261,251
28$449,551$127,718$49,001$272,832
29$472,029$135,585$51,451$284,993
30$495,630$143,845$54,024$297,761
Total$8,000,000$1,975,367$872,000$5,152,630

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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.