USA Mega

New York Mega Millions Jackpot Annuity Payout Schedule for Dec 1, 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 $7,000,000 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:Tue, Dec 1, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 10.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$11,484$75,547
2$110,628$19,593$12,058$78,976
3$116,159$20,921$12,661$82,577
4$121,967$22,315$13,294$86,358
5$128,066$23,778$13,959$90,328
6$134,469$25,315$14,657$94,497
7$141,193$26,929$15,390$98,874
8$148,252$28,623$16,159$103,470
9$155,665$30,402$16,967$108,295
10$163,448$32,270$17,816$113,362
11$171,620$34,231$18,707$118,682
12$180,201$36,291$19,642$124,269
13$189,212$38,453$20,624$130,134
14$198,672$41,262$21,655$135,755
15$208,606$44,440$22,738$141,427
16$219,036$47,778$23,875$147,383
17$229,988$51,283$25,069$153,637
18$241,487$54,962$26,322$160,203
19$253,562$59,121$27,638$166,802
20$266,240$63,559$29,020$173,661
21$279,552$68,218$30,471$180,863
22$293,529$73,110$31,995$188,425
23$308,206$78,247$33,594$196,364
24$323,616$83,640$35,274$204,701
25$339,797$89,304$37,038$213,455
26$356,787$95,250$38,890$222,647
27$374,626$101,494$40,834$232,298
28$393,357$108,050$42,876$242,431
29$413,025$114,933$45,020$253,072
30$433,676$122,161$47,271$264,244
Total$7,000,000$1,654,262$762,998$4,582,737

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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.