USA Mega

Texas Mega Millions Jackpot Annuity Payout Schedule for Jun 13, 1997

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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 Texas, 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:

Texas

Drawing Date:Fri, Jun 13, 1997
Jackpot:$16,000,000
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$240,823$54,750$0$186,073
2$252,864$58,877$0$193,987
3$265,507$63,302$0$202,205
4$278,783$67,949$0$210,834
5$292,722$72,827$0$219,894
6$307,358$77,950$0$229,408
7$322,726$83,329$0$239,397
8$338,862$88,976$0$249,886
9$355,805$94,907$0$260,899
10$373,595$101,133$0$272,462
11$392,275$107,671$0$284,604
12$411,889$114,536$0$297,353
13$432,483$121,744$0$310,739
14$454,108$129,312$0$324,795
15$476,813$137,259$0$339,554
16$500,654$145,604$0$355,050
17$525,686$154,365$0$371,321
18$551,971$163,564$0$388,406
19$579,569$173,224$0$406,345
20$608,548$183,366$0$425,181
21$638,975$194,609$0$444,367
22$670,924$206,430$0$464,494
23$704,470$218,842$0$485,628
24$739,693$231,874$0$507,819
25$776,678$245,559$0$531,119
26$815,512$259,927$0$555,585
27$856,288$275,014$0$581,273
28$899,102$290,855$0$608,247
29$944,057$307,489$0$636,568
30$991,260$324,954$0$666,306
Total$16,000,000$4,750,198$0$11,249,799

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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.