USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Oct 20, 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 $7,000,000 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:Tue, Oct 20, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$6,058$80,973
2$110,628$19,593$6,361$84,674
3$116,159$20,921$6,679$88,560
4$121,967$22,315$7,013$92,640
5$128,066$23,778$7,364$96,924
6$134,469$25,315$7,732$101,422
7$141,193$26,929$8,119$106,145
8$148,252$28,623$8,524$111,105
9$155,665$30,402$8,951$116,312
10$163,448$32,270$9,398$121,780
11$171,620$34,231$9,868$127,521
12$180,201$36,291$10,362$133,549
13$189,212$38,453$10,880$139,879
14$198,672$41,262$11,424$145,987
15$208,606$44,440$11,995$152,171
16$219,036$47,778$12,595$158,663
17$229,988$51,283$13,224$165,481
18$241,487$54,962$13,886$172,639
19$253,562$59,121$14,580$179,860
20$266,240$63,559$15,309$187,372
21$279,552$68,218$16,074$195,260
22$293,529$73,110$16,878$203,541
23$308,206$78,247$17,722$212,237
24$323,616$83,640$18,608$221,368
25$339,797$89,304$19,538$230,955
26$356,787$95,250$20,515$241,021
27$374,626$101,494$21,541$251,591
28$393,357$108,050$22,618$262,689
29$413,025$114,933$23,749$274,343
30$433,676$122,161$24,936$286,578
Total$7,000,000$1,654,262$402,501$4,943,240

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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.