USA Mega

New York Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $12,000,000 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, Sep 8, 1998
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 10.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$180,617$36,391$19,687$124,539
2$189,648$38,558$20,672$130,418
3$199,130$41,408$21,705$136,017
4$209,087$44,594$22,790$141,702
5$219,541$47,940$23,930$147,672
6$230,518$51,452$25,127$153,940
7$242,044$55,141$26,383$160,521
8$254,147$59,326$27,702$167,119
9$266,854$63,774$29,087$173,993
10$280,197$68,444$30,541$181,212
11$294,206$73,347$32,069$188,791
12$308,917$78,496$33,672$196,749
13$324,363$83,902$35,356$205,105
14$340,581$89,578$37,123$213,879
15$357,610$95,538$38,979$223,092
16$375,490$101,796$40,928$232,765
17$394,265$108,367$42,975$242,922
18$413,978$115,267$45,124$253,587
19$434,677$122,512$47,380$264,785
20$456,411$130,119$49,749$276,543
21$479,231$138,106$52,236$288,889
22$503,193$146,492$54,848$301,853
23$528,352$155,298$57,590$315,464
24$554,770$164,544$60,470$329,756
25$582,509$174,253$63,493$344,762
26$611,634$184,492$66,668$360,474
27$642,216$195,808$70,002$376,407
28$674,327$207,689$73,502$393,136
29$708,043$220,164$77,177$410,703
30$743,445$233,262$81,036$429,147
Total$12,000,000$3,326,058$1,308,001$7,365,942

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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.