USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Mar 22, 2002

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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 $56,000,000 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, Mar 22, 2002
Jackpot:$56,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$842,880$270,053$48,466$524,361
2$885,024$285,647$50,889$548,489
3$929,276$302,020$53,433$573,823
4$975,739$319,211$56,105$600,423
5$1,024,526$337,262$58,910$628,354
6$1,075,753$356,216$61,856$657,681
7$1,129,540$376,118$64,949$688,474
8$1,186,017$397,014$68,196$720,807
9$1,245,318$418,955$71,606$754,757
10$1,307,584$441,994$75,186$790,404
11$1,372,963$466,184$78,945$827,834
12$1,441,611$491,584$82,893$867,135
13$1,513,692$518,254$87,037$908,401
14$1,589,377$546,257$91,389$951,730
15$1,668,845$575,661$95,959$997,226
16$1,752,288$606,534$100,757$1,044,997
17$1,839,902$638,952$105,794$1,095,156
18$1,931,897$672,990$111,084$1,147,823
19$2,028,492$708,730$116,638$1,203,124
20$2,129,917$746,257$122,470$1,261,190
21$2,236,413$785,660$128,594$1,322,158
22$2,348,233$827,034$135,023$1,386,176
23$2,465,645$870,476$141,775$1,453,394
24$2,588,927$916,091$148,863$1,523,973
25$2,718,373$963,986$156,306$1,598,081
26$2,854,292$1,014,276$164,122$1,675,894
27$2,997,007$1,067,080$172,328$1,757,599
28$3,146,857$1,122,525$180,944$1,843,388
29$3,304,200$1,180,742$189,991$1,933,467
30$3,469,410$1,241,869$199,491$2,028,049
Total$56,000,000$19,465,632$3,219,999$33,314,368

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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.