USA Mega

Texas Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $12,000,000 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:Tue, Sep 8, 1998
Jackpot:$12,000,000
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$180,617$36,391$0$144,227
2$189,648$38,558$0$151,090
3$199,130$41,408$0$157,722
4$209,087$44,594$0$164,493
5$219,541$47,940$0$171,602
6$230,518$51,452$0$179,066
7$242,044$55,141$0$186,904
8$254,147$59,326$0$194,821
9$266,854$63,774$0$203,080
10$280,197$68,444$0$211,753
11$294,206$73,347$0$220,859
12$308,917$78,496$0$230,421
13$324,363$83,902$0$240,461
14$340,581$89,578$0$251,003
15$357,610$95,538$0$262,072
16$375,490$101,796$0$273,694
17$394,265$108,367$0$285,897
18$413,978$115,267$0$298,711
19$434,677$122,512$0$312,165
20$456,411$130,119$0$326,292
21$479,231$138,106$0$341,126
22$503,193$146,492$0$356,701
23$528,352$155,298$0$373,054
24$554,770$164,544$0$390,226
25$582,509$174,253$0$408,256
26$611,634$184,492$0$427,142
27$642,216$195,808$0$446,408
28$674,327$207,689$0$466,638
29$708,043$220,164$0$487,879
30$743,445$233,262$0$510,183
Total$12,000,000$3,326,058$0$8,673,946

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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.