USA Mega

Oklahoma Mega Millions Jackpot Annuity Payout Schedule for Dec 11, 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 Oklahoma, 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:

Oklahoma

Drawing Date:Fri, Dec 11, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 4.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$5,005$82,027
2$110,628$19,593$5,255$85,780
3$116,159$20,921$5,518$89,721
4$121,967$22,315$5,793$93,859
5$128,066$23,778$6,083$98,204
6$134,469$25,315$6,387$102,767
7$141,193$26,929$6,707$107,557
8$148,252$28,623$7,042$112,587
9$155,665$30,402$7,394$117,869
10$163,448$32,270$7,764$123,414
11$171,620$34,231$8,152$129,237
12$180,201$36,291$8,560$135,351
13$189,212$38,453$8,988$141,771
14$198,672$41,262$9,437$147,974
15$208,606$44,440$9,909$154,257
16$219,036$47,778$10,404$160,854
17$229,988$51,283$10,924$167,781
18$241,487$54,962$11,471$175,054
19$253,562$59,121$12,044$182,396
20$266,240$63,559$12,646$190,035
21$279,552$68,218$13,279$198,055
22$293,529$73,110$13,943$206,477
23$308,206$78,247$14,640$215,319
24$323,616$83,640$15,372$224,604
25$339,797$89,304$16,140$234,353
26$356,787$95,250$16,947$244,589
27$374,626$101,494$17,795$255,337
28$393,357$108,050$18,684$266,623
29$413,025$114,933$19,619$278,473
30$433,676$122,161$20,600$290,915
Total$7,000,000$1,654,262$332,502$5,013,240

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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.