USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for May 30, 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 $8,000,000 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, May 30, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$6,924$91,547
2$126,432$23,386$7,270$95,776
3$132,754$24,903$7,633$100,217
4$139,391$26,496$8,015$104,880
5$146,361$28,169$8,416$109,776
6$153,679$29,925$8,837$114,917
7$161,363$31,770$9,278$120,315
8$169,431$33,706$9,742$125,983
9$177,903$35,739$10,229$131,934
10$186,798$37,874$10,741$138,183
11$196,138$40,451$11,278$144,409
12$205,944$43,589$11,842$150,514
13$216,242$46,884$12,434$156,924
14$227,054$50,344$13,056$163,654
15$238,406$53,977$13,708$170,722
16$250,327$57,989$14,394$177,944
17$262,843$62,370$15,113$185,360
18$275,985$66,970$15,869$193,147
19$289,785$71,799$16,663$201,323
20$304,274$76,871$17,496$209,907
21$319,488$82,195$18,371$218,922
22$335,462$87,786$19,289$228,386
23$352,235$93,657$20,254$238,324
24$369,847$99,821$21,266$248,759
25$388,339$106,293$22,329$259,716
26$407,756$113,089$23,446$271,221
27$428,144$120,225$24,618$283,300
28$449,551$127,718$25,849$295,984
29$472,029$135,585$27,142$309,302
30$495,630$143,845$28,499$323,286
Total$8,000,000$1,975,367$460,001$5,564,632

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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.