USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 3, 2001

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The tax information provided here is based on 2025 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 $32,000,000 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 3, 2001
Jackpot:$32,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$481,646$138,123$27,695$315,828
2$505,728$146,552$29,079$330,097
3$531,015$155,402$30,533$345,079
4$557,565$164,695$32,060$360,810
5$585,444$174,453$33,663$377,328
6$614,716$184,698$35,346$394,672
7$645,452$195,837$37,113$412,501
8$677,724$207,778$38,969$430,977
9$711,610$220,316$40,918$450,377
10$747,191$233,481$42,963$470,747
11$784,550$247,304$45,112$492,135
12$823,778$261,818$47,367$514,593
13$864,967$277,058$49,736$538,173
14$908,215$293,060$52,222$562,933
15$953,626$309,862$54,833$588,931
16$1,001,307$327,504$57,575$616,228
17$1,051,373$346,028$60,454$644,891
18$1,103,941$365,479$63,477$674,986
19$1,159,138$385,901$66,650$706,586
20$1,217,095$407,345$69,983$739,767
21$1,277,950$429,862$73,482$774,606
22$1,341,848$453,504$77,156$811,187
23$1,408,940$478,328$81,014$849,598
24$1,479,387$504,393$85,065$889,929
25$1,553,356$531,762$89,318$932,276
26$1,631,024$560,499$93,784$976,741
27$1,712,575$590,673$98,473$1,023,429
28$1,798,204$622,356$103,397$1,072,452
29$1,888,114$655,623$108,567$1,123,925
30$1,982,520$690,553$113,995$1,177,972
Total$32,000,000$10,560,247$1,839,999$19,599,754

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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.