USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Jan 26, 1999

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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 $40,000,000 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, Jan 26, 1999
Jackpot:$40,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$181,095$34,618$386,344
2$632,160$192,087$36,349$403,724
3$663,768$203,782$38,167$421,820
4$696,957$216,062$40,075$440,820
5$731,805$228,955$42,079$460,770
6$768,395$242,494$44,183$481,718
7$806,815$256,709$46,392$503,714
8$847,155$271,635$48,711$526,809
9$889,513$287,308$51,147$551,058
10$933,989$303,764$53,704$576,521
11$980,688$321,042$56,390$603,256
12$1,029,722$339,185$59,209$631,328
13$1,081,209$358,235$62,169$660,804
14$1,135,269$378,237$65,278$691,754
15$1,192,032$399,240$68,542$724,251
16$1,251,634$421,292$71,969$758,373
17$1,314,216$444,448$75,567$794,201
18$1,379,927$468,761$79,346$831,820
19$1,448,923$494,289$83,313$871,321
20$1,521,369$521,094$87,479$912,796
21$1,597,438$549,240$91,853$956,345
22$1,677,309$578,792$96,445$1,002,072
23$1,761,175$609,822$101,268$1,050,085
24$1,849,234$642,404$106,331$1,100,498
25$1,941,695$676,615$111,647$1,153,433
26$2,038,780$712,536$117,230$1,209,014
27$2,140,719$750,254$123,091$1,267,374
28$2,247,755$789,857$129,246$1,328,652
29$2,360,143$831,441$135,708$1,392,994
30$2,478,150$875,103$142,494$1,460,553
Total$40,000,000$13,545,778$2,300,000$24,154,222

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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.