USA Mega

Oklahoma Mega Millions Jackpot Annuity Payout Schedule for Sep 15, 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 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:Tue, Sep 15, 1998
Jackpot:$16,000,000
Federal Tax:37% marginal rate
State Tax: 4.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$240,823$54,750$11,439$174,634
2$252,864$58,877$12,011$181,976
3$265,507$63,302$12,612$189,593
4$278,783$67,949$13,242$197,592
5$292,722$72,827$13,904$205,990
6$307,358$77,950$14,600$214,808
7$322,726$83,329$15,329$224,068
8$338,862$88,976$16,096$233,790
9$355,805$94,907$16,901$243,998
10$373,595$101,133$17,746$254,717
11$392,275$107,671$18,633$265,971
12$411,889$114,536$19,565$277,788
13$432,483$121,744$20,543$290,197
14$454,108$129,312$21,570$303,225
15$476,813$137,259$22,649$316,905
16$500,654$145,604$23,781$331,269
17$525,686$154,365$24,970$346,351
18$551,971$163,564$26,219$362,188
19$579,569$173,224$27,530$378,816
20$608,548$183,366$28,906$396,275
21$638,975$194,609$30,351$414,015
22$670,924$206,430$31,869$432,625
23$704,470$218,842$33,462$452,166
24$739,693$231,874$35,135$472,684
25$776,678$245,559$36,892$494,227
26$815,512$259,927$38,737$516,848
27$856,288$275,014$40,674$540,600
28$899,102$290,855$42,707$565,539
29$944,057$307,489$44,843$591,726
30$991,260$324,954$47,085$619,221
Total$16,000,000$4,750,198$760,001$10,489,802

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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.