USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 21, 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 $22,000,000 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, Aug 21, 1998
Jackpot:$22,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$86,271$19,040$225,821
2$347,688$92,066$19,992$235,630
3$365,073$98,150$20,992$245,931
4$383,326$104,539$22,041$256,746
5$402,492$111,247$23,143$268,102
6$422,617$118,291$24,300$280,026
7$443,748$125,687$25,516$292,546
8$465,935$133,452$26,791$305,692
9$489,232$141,606$28,131$319,495
10$513,694$150,168$29,537$333,989
11$539,378$159,157$31,014$349,207
12$566,347$168,596$32,565$365,186
13$594,665$178,507$34,193$381,964
14$624,398$189,215$35,903$399,280
15$655,618$200,766$37,698$417,153
16$688,399$212,895$39,583$435,921
17$722,819$225,631$41,562$455,626
18$758,960$239,003$43,640$476,317
19$796,908$253,044$45,822$498,042
20$836,753$267,786$48,113$520,853
21$878,591$283,266$50,519$544,805
22$922,520$299,520$53,045$569,955
23$968,646$316,587$55,697$596,362
24$1,017,078$334,507$58,482$624,090
25$1,067,932$353,323$61,406$653,204
26$1,121,329$373,079$64,476$683,773
27$1,177,395$393,824$67,700$715,871
28$1,236,265$415,606$71,085$749,574
29$1,298,079$438,477$74,640$784,962
30$1,362,982$462,491$78,371$822,120
Total$22,000,000$6,926,757$1,264,997$13,808,243

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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.