USA Mega

South Dakota Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 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 South Dakota, 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:

South Dakota

Drawing Date:Tue, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$0$87,031
2$110,628$19,593$0$91,035
3$116,159$20,921$0$95,239
4$121,967$22,315$0$99,653
5$128,066$23,778$0$104,288
6$134,469$25,315$0$109,154
7$141,193$26,929$0$114,264
8$148,252$28,623$0$119,629
9$155,665$30,402$0$125,263
10$163,448$32,270$0$131,178
11$171,620$34,231$0$137,389
12$180,201$36,291$0$143,911
13$189,212$38,453$0$150,758
14$198,672$41,262$0$157,411
15$208,606$44,440$0$164,165
16$219,036$47,778$0$171,258
17$229,988$51,283$0$178,705
18$241,487$54,962$0$186,525
19$253,562$59,121$0$194,440
20$266,240$63,559$0$202,681
21$279,552$68,218$0$211,334
22$293,529$73,110$0$220,419
23$308,206$78,247$0$229,959
24$323,616$83,640$0$239,976
25$339,797$89,304$0$250,493
26$356,787$95,250$0$261,536
27$374,626$101,494$0$273,132
28$393,357$108,050$0$285,307
29$413,025$114,933$0$298,091
30$433,676$122,161$0$311,515
Total$7,000,000$1,654,262$0$5,345,739

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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.