USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Feb 27, 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 $9,000,000 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, Feb 27, 1998
Jackpot:$9,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$135,463$25,554$7,789$102,120
2$142,236$27,179$8,179$106,878
3$149,348$28,886$8,588$111,874
4$156,815$30,678$9,017$117,120
5$164,656$32,560$9,468$122,628
6$172,889$34,536$9,941$128,412
7$181,533$36,610$10,438$134,485
8$190,610$38,789$10,960$140,861
9$200,140$41,731$11,508$146,901
10$210,147$44,934$12,083$153,130
11$220,655$48,296$12,688$159,671
12$231,688$51,827$13,322$166,539
13$243,272$55,534$13,988$173,750
14$255,436$59,777$14,688$180,971
15$268,207$64,247$15,422$188,538
16$281,618$68,941$16,193$196,484
17$295,699$73,869$17,003$204,827
18$310,483$79,044$17,853$213,587
19$326,008$84,477$18,745$222,785
20$342,308$90,183$19,683$232,443
21$359,423$96,173$20,667$242,584
22$377,395$102,463$21,700$253,232
23$396,264$109,067$22,785$264,412
24$416,078$116,002$23,924$276,151
25$436,881$123,283$25,121$288,478
26$458,726$130,929$26,377$301,420
27$481,662$138,956$27,696$315,010
28$505,745$147,385$29,080$329,279
29$531,032$156,236$30,534$344,262
30$557,584$165,529$32,061$359,994
Total$9,000,000$2,303,675$517,501$6,178,826

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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.