USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Feb 16, 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 $12,000,000 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 16, 1999
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$180,617$36,391$10,385$133,841
2$189,648$38,558$10,905$140,185
3$199,130$41,408$11,450$146,272
4$209,087$44,594$12,023$152,470
5$219,541$47,940$12,624$158,978
6$230,518$51,452$13,255$165,811
7$242,044$55,141$13,918$172,986
8$254,147$59,326$14,613$180,207
9$266,854$63,774$15,344$187,736
10$280,197$68,444$16,111$195,642
11$294,206$73,347$16,917$203,943
12$308,917$78,496$17,763$212,658
13$324,363$83,902$18,651$221,810
14$340,581$89,578$19,583$231,419
15$357,610$95,538$20,563$241,509
16$375,490$101,796$21,591$252,103
17$394,265$108,367$22,670$263,227
18$413,978$115,267$23,804$274,907
19$434,677$122,512$24,994$287,171
20$456,411$130,119$26,244$300,049
21$479,231$138,106$27,556$313,570
22$503,193$146,492$28,934$327,767
23$528,352$155,298$30,380$342,674
24$554,770$164,544$31,899$358,327
25$582,509$174,253$33,494$374,762
26$611,634$184,492$35,169$391,973
27$642,216$195,808$36,927$409,481
28$674,327$207,689$38,774$427,864
29$708,043$220,164$40,712$447,167
30$743,445$233,262$42,748$467,434
Total$12,000,000$3,326,058$690,001$7,983,943

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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.