USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Nov 14, 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 $11,000,000 for a ticket purchased in Virginia, 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:

Virginia

Drawing Date:Fri, Nov 14, 1997
Jackpot:$11,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$165,566$32,778$9,520$123,267
2$173,844$34,765$9,996$129,083
3$182,536$36,851$10,496$135,189
4$191,663$39,042$11,021$141,601
5$201,246$42,085$11,572$147,589
6$211,309$45,305$12,150$153,853
7$221,874$48,686$12,758$160,430
8$232,968$52,236$13,396$167,336
9$244,616$55,990$14,065$174,560
10$256,847$60,271$14,769$181,807
11$269,689$64,766$15,507$189,416
12$283,174$69,486$16,282$197,406
13$297,332$74,441$17,097$205,795
14$312,199$79,644$17,951$214,603
15$327,809$85,108$18,849$223,852
16$344,199$90,845$19,791$233,563
17$361,409$96,868$20,781$243,760
18$379,480$103,193$21,820$254,467
19$398,454$109,834$22,911$265,709
20$418,376$116,807$24,057$277,513
21$439,295$124,128$25,259$289,908
22$461,260$131,816$26,522$302,922
23$484,323$139,888$27,849$316,587
24$508,539$148,363$29,241$330,935
25$533,966$157,263$30,703$346,000
26$560,665$166,607$32,238$361,819
27$588,698$176,419$33,850$378,429
28$618,133$186,897$35,543$395,693
29$649,039$198,332$37,320$413,387
30$681,491$210,340$39,186$431,966
Total$11,000,000$2,979,054$632,500$7,388,445

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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.