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Mega Millions Annuity Jackpot Analysis for Vermont

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $60,000,000 would be for a resident of Vermont, 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Vermont

Drawing Date:  Tue, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:6.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$54,185$632,160
2$948,240$227,578$56,894$663,768
3$995,652$238,957$59,739$696,957
4$1,045,435$250,904$62,726$731,805
5$1,097,707$263,450$65,862$768,395
6$1,152,592$276,622$69,156$806,814
7$1,210,222$290,453$72,613$847,155
8$1,270,733$304,976$76,244$889,513
9$1,334,270$320,225$80,056$933,989
10$1,400,983$336,236$84,059$980,688
11$1,471,032$353,048$88,262$1,029,722
12$1,544,584$370,700$92,675$1,081,209
13$1,621,813$389,235$97,309$1,135,269
14$1,702,904$408,697$102,174$1,192,032
15$1,788,049$429,132$107,283$1,251,634
16$1,877,451$450,588$112,647$1,314,216
17$1,971,324$473,118$118,279$1,379,927
18$2,069,890$496,774$124,193$1,448,923
19$2,173,384$521,612$130,403$1,521,369
20$2,282,054$547,693$136,923$1,597,438
21$2,396,156$575,078$143,769$1,677,309
22$2,515,964$603,831$150,958$1,761,175
23$2,641,762$634,023$158,506$1,849,234
24$2,773,850$665,724$166,431$1,941,695
25$2,912,543$699,010$174,753$2,038,780
26$3,058,170$733,961$183,490$2,140,719
27$3,211,079$770,659$192,665$2,247,755
28$3,371,633$809,192$202,298$2,360,143
29$3,540,214$849,651$212,413$2,478,150
30$3,717,225$892,134$223,033$2,602,057
Total$60,000,000$14,400,000$3,600,000$42,000,000
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