USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 1998

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The tax information provided here is based on 2025 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, Feb 24, 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$18,133$6,058$81,168
2$110,628$19,398$6,361$84,869
3$116,159$20,725$6,679$88,755
4$121,967$22,119$7,013$92,835
5$128,066$23,583$7,364$97,119
6$134,469$25,120$7,732$101,618
7$141,193$26,733$8,119$106,341
8$148,252$28,428$8,524$111,300
9$155,665$30,207$8,951$116,508
10$163,448$32,075$9,398$121,975
11$171,620$34,036$9,868$127,716
12$180,201$36,095$10,362$133,745
13$189,212$38,258$10,880$140,074
14$198,672$40,638$11,424$146,610
15$208,606$43,817$11,995$152,794
16$219,036$47,155$12,595$159,287
17$229,988$50,659$13,224$166,104
18$241,487$54,339$13,886$173,263
19$253,562$58,294$14,580$180,688
20$266,240$62,731$15,309$188,200
21$279,552$67,390$16,074$196,087
22$293,529$72,282$16,878$204,369
23$308,206$77,419$17,722$213,065
24$323,616$82,813$18,608$222,195
25$339,797$88,476$19,538$231,782
26$356,787$94,423$20,515$241,849
27$374,626$100,666$21,541$252,419
28$393,357$107,222$22,618$263,517
29$413,025$114,106$23,749$275,170
30$433,676$121,334$24,936$287,406
Total$7,000,000$1,638,674$402,501$4,958,828

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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.