USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Feb 2, 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 $60,000,000 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 2, 1999
Jackpot:$60,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$292,330$51,927$558,829
2$948,240$309,037$54,524$584,680
3$995,652$326,579$57,250$611,823
4$1,045,435$344,999$60,113$640,324
5$1,097,707$364,339$63,118$670,249
6$1,152,592$384,647$66,274$701,671
7$1,210,222$405,970$69,588$734,664
8$1,270,733$428,359$73,067$769,307
9$1,334,270$451,867$76,720$805,682
10$1,400,983$476,551$80,557$843,875
11$1,471,032$502,470$84,584$883,978
12$1,544,584$529,684$88,814$926,086
13$1,621,813$558,259$93,254$970,300
14$1,702,904$588,262$97,917$1,016,725
15$1,788,049$619,766$102,813$1,065,470
16$1,877,451$652,845$107,953$1,116,653
17$1,971,324$687,578$113,351$1,170,395
18$2,069,890$724,047$119,019$1,226,824
19$2,173,384$762,340$124,970$1,286,075
20$2,282,054$802,548$131,218$1,348,288
21$2,396,156$844,766$137,779$1,413,612
22$2,515,964$889,094$144,668$1,482,202
23$2,641,762$935,640$151,901$1,554,221
24$2,773,850$984,512$159,496$1,629,842
25$2,912,543$1,035,829$167,471$1,709,243
26$3,058,170$1,089,711$175,845$1,792,615
27$3,211,079$1,146,287$184,637$1,880,155
28$3,371,633$1,205,692$193,869$1,972,072
29$3,540,214$1,268,067$203,562$2,068,585
30$3,717,225$1,333,561$213,740$2,169,923
Total$60,000,000$20,945,636$3,449,999$35,604,368

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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.