USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Jan 23, 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 $5,000,000 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, Jan 23, 1998
Jackpot:$5,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$75,257$11,610$4,327$59,320
2$79,020$12,437$4,544$62,039
3$82,971$13,307$4,771$64,894
4$87,120$14,219$5,009$67,891
5$91,476$15,178$5,260$71,038
6$96,049$16,184$5,523$74,343
7$100,852$17,247$5,799$77,806
8$105,894$18,457$6,089$81,348
9$111,189$19,728$6,393$85,068
10$116,749$21,062$6,713$88,973
11$122,586$22,463$7,049$93,074
12$128,715$23,934$7,401$97,380
13$135,151$25,479$7,771$101,901
14$141,909$27,101$8,160$106,648
15$149,004$28,803$8,568$111,633
16$156,454$30,592$8,996$116,867
17$164,277$32,469$9,446$122,362
18$172,491$34,440$9,918$128,132
19$181,115$36,510$10,414$134,191
20$190,171$38,684$10,935$140,553
21$199,680$41,584$11,482$146,614
22$209,664$44,779$12,056$152,829
23$220,147$48,133$12,658$159,355
24$231,154$51,656$13,291$166,207
25$242,712$55,354$13,956$173,402
26$254,848$59,571$14,654$180,622
27$267,590$64,031$15,386$188,172
28$280,969$68,714$16,156$196,100
29$295,018$73,631$16,964$204,423
30$309,769$78,794$17,812$213,163
Total$5,000,000$1,046,151$287,501$3,666,348

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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.