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Tennessee Mega Millions Jackpot Annuity Payout Schedule for Oct 9, 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 $32,000,000 for a ticket purchased in Tennessee, 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:

Tennessee

Drawing Date:Fri, Oct 9, 1998
Jackpot:$32,000,000
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$481,646$138,951$0$342,695
2$505,728$147,380$0$358,349
3$531,015$156,230$0$374,785
4$557,565$165,523$0$392,043
5$585,444$175,280$0$410,164
6$614,716$185,633$0$429,083
7$645,452$197,005$0$448,447
8$677,724$208,946$0$468,778
9$711,610$221,484$0$490,127
10$747,191$234,648$0$512,543
11$784,550$248,471$0$536,079
12$823,778$262,986$0$560,792
13$864,967$278,225$0$586,741
14$908,215$294,227$0$613,988
15$953,626$311,029$0$642,597
16$1,001,307$328,671$0$672,636
17$1,051,373$347,196$0$704,177
18$1,103,941$366,646$0$737,295
19$1,159,138$387,069$0$772,069
20$1,217,095$408,513$0$808,582
21$1,277,950$431,029$0$846,921
22$1,341,848$454,671$0$887,176
23$1,408,940$479,496$0$929,444
24$1,479,387$505,561$0$973,826
25$1,553,356$532,930$0$1,020,427
26$1,631,024$561,667$0$1,069,357
27$1,712,575$591,841$0$1,120,735
28$1,798,204$623,523$0$1,174,681
29$1,888,114$656,790$0$1,231,324
30$1,982,520$691,720$0$1,290,800
Total$32,000,000$10,593,341$0$21,406,661

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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.