USA Mega

Ohio 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 Ohio, 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:

Ohio

Drawing Date:Fri, Dec 5, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 3.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$4,214$94,256
2$126,432$23,386$4,425$98,621
3$132,754$24,903$4,646$103,204
4$139,391$26,496$4,879$108,016
5$146,361$28,169$5,123$113,069
6$153,679$29,925$5,379$118,375
7$161,363$31,770$5,648$123,946
8$169,431$33,706$5,930$129,795
9$177,903$35,739$6,227$135,937
10$186,798$37,874$6,538$142,386
11$196,138$40,451$6,865$148,822
12$205,944$43,589$7,208$155,148
13$216,242$46,884$7,568$161,789
14$227,054$50,344$7,947$168,763
15$238,406$53,977$8,344$176,086
16$250,327$57,989$8,761$183,576
17$262,843$62,370$9,200$191,274
18$275,985$66,970$9,659$199,356
19$289,785$71,799$10,142$207,843
20$304,274$76,871$10,650$216,754
21$319,488$82,195$11,182$226,110
22$335,462$87,786$11,741$235,934
23$352,235$93,657$12,328$246,250
24$369,847$99,821$12,945$257,081
25$388,339$106,293$13,592$268,454
26$407,756$113,089$14,271$280,395
27$428,144$120,225$14,985$292,934
28$449,551$127,718$15,734$306,099
29$472,029$135,585$16,521$319,923
30$495,630$143,845$17,347$334,438
Total$8,000,000$1,975,367$279,999$5,744,634

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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.