USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 7, 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 $13,000,000 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 7, 1998
Jackpot:$13,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$195,669$40,300$11,251$144,117
2$205,452$43,431$11,813$150,207
3$215,725$46,718$12,404$156,602
4$226,511$50,170$13,024$163,317
5$237,836$53,794$13,676$170,367
6$249,728$57,780$14,359$177,589
7$262,215$62,150$15,077$184,987
8$275,325$66,739$15,831$192,756
9$289,092$71,557$16,623$200,912
10$303,546$76,616$17,454$209,476
11$318,724$81,928$18,327$218,469
12$334,660$87,506$19,243$227,911
13$351,393$93,362$20,205$237,825
14$368,962$99,512$21,215$248,235
15$387,411$105,968$22,276$259,166
16$406,781$112,748$23,390$270,643
17$427,120$119,867$24,559$282,694
18$448,476$127,341$25,787$295,347
19$470,900$135,190$27,077$308,633
20$494,445$143,430$28,431$322,584
21$519,167$152,083$29,852$337,232
22$545,126$161,169$31,345$352,612
23$572,382$170,708$32,912$368,761
24$601,001$180,725$34,558$385,718
25$631,051$191,677$36,285$403,089
26$662,604$203,351$38,100$421,153
27$695,734$215,609$40,005$440,120
28$730,520$228,480$42,005$460,035
29$767,046$241,995$44,105$480,946
30$805,399$256,185$46,310$502,903
Total$13,000,000$3,678,089$747,499$8,574,406

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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.