USA Mega

Ohio Mega Millions Jackpot Annuity Payout Schedule for Nov 6, 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 $16,000,000 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, Nov 6, 1998
Jackpot:$16,000,000
Federal Tax:37% marginal rate
State Tax: 3.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$240,823$54,750$8,429$177,644
2$252,864$58,877$8,850$185,137
3$265,507$63,302$9,293$192,912
4$278,783$67,949$9,757$201,077
5$292,722$72,827$10,245$209,649
6$307,358$77,950$10,758$218,650
7$322,726$83,329$11,295$228,102
8$338,862$88,976$11,860$238,025
9$355,805$94,907$12,453$248,445
10$373,595$101,133$13,076$259,386
11$392,275$107,671$13,730$270,875
12$411,889$114,536$14,416$282,937
13$432,483$121,744$15,137$295,603
14$454,108$129,312$15,894$308,901
15$476,813$137,259$16,688$322,865
16$500,654$145,604$17,523$337,527
17$525,686$154,365$18,399$352,922
18$551,971$163,564$19,319$369,087
19$579,569$173,224$20,285$386,060
20$608,548$183,366$21,299$403,882
21$638,975$194,609$22,364$422,002
22$670,924$206,430$23,482$441,012
23$704,470$218,842$24,656$460,972
24$739,693$231,874$25,889$481,930
25$776,678$245,559$27,184$503,936
26$815,512$259,927$28,543$527,042
27$856,288$275,014$29,970$551,303
28$899,102$290,855$31,469$576,778
29$944,057$307,489$33,042$603,526
30$991,260$324,954$34,694$631,612
Total$16,000,000$4,750,198$559,999$10,689,799

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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.