USA Mega

New York Mega Millions Jackpot Annuity Payout Schedule for Mar 22, 2002

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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 $56,000,000 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, Mar 22, 2002
Jackpot:$56,000,000
Federal Tax:37% marginal rate
State Tax: 10.9%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$842,880$270,053$91,874$480,953
2$885,024$285,647$96,468$502,910
3$929,276$302,020$101,291$525,965
4$975,739$319,211$106,356$550,172
5$1,024,526$337,262$111,673$575,590
6$1,075,753$356,216$117,257$602,279
7$1,129,540$376,118$123,120$630,303
8$1,186,017$397,014$129,276$659,727
9$1,245,318$418,955$135,740$690,623
10$1,307,584$441,994$142,527$723,064
11$1,372,963$466,184$149,653$757,126
12$1,441,611$491,584$157,136$792,892
13$1,513,692$518,254$164,992$830,446
14$1,589,377$546,257$173,242$869,877
15$1,668,845$575,661$181,904$911,281
16$1,752,288$606,534$190,999$954,754
17$1,839,902$638,952$200,549$1,000,401
18$1,931,897$672,990$210,577$1,048,331
19$2,028,492$708,730$221,106$1,098,657
20$2,129,917$746,257$232,161$1,151,499
21$2,236,413$785,660$243,769$1,206,983
22$2,348,233$827,034$255,957$1,265,242
23$2,465,645$870,476$268,755$1,326,413
24$2,588,927$916,091$282,193$1,390,643
25$2,718,373$963,986$296,303$1,458,085
26$2,854,292$1,014,276$311,118$1,528,898
27$2,997,007$1,067,080$326,674$1,603,253
28$3,146,857$1,122,525$343,007$1,681,325
29$3,304,200$1,180,742$360,158$1,763,300
30$3,469,410$1,241,869$378,166$1,849,375
Total$56,000,000$19,465,632$6,104,001$30,430,367

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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.