USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Dec 7, 2004

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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 $10,000,000 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, Dec 7, 2004
Jackpot:$10,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$150,514$29,166$8,655$112,694
2$158,040$30,972$9,087$117,981
3$165,942$32,869$9,542$123,532
4$174,239$34,860$10,019$129,361
5$182,951$36,951$10,520$135,481
6$192,099$39,158$11,046$141,895
7$201,704$42,232$11,598$147,874
8$211,789$45,459$12,178$154,152
9$222,378$48,848$12,787$160,744
10$233,497$52,406$13,426$167,665
11$245,172$56,185$14,097$174,890
12$257,431$60,475$14,802$182,153
13$270,302$64,981$15,542$189,779
14$283,817$69,711$16,319$197,787
15$298,008$74,678$17,135$206,195
16$312,909$79,893$17,992$215,024
17$328,554$85,369$18,892$224,293
18$344,982$91,118$19,836$234,027
19$362,231$97,156$20,828$244,247
20$380,342$103,495$21,870$254,978
21$399,359$110,151$22,963$266,246
22$419,327$117,139$24,111$278,077
23$440,294$124,478$25,317$290,499
24$462,308$132,183$26,583$303,543
25$485,424$140,273$27,912$317,239
26$509,695$148,768$29,307$331,620
27$535,180$157,688$30,773$346,719
28$561,939$167,053$32,311$362,574
29$590,036$176,887$33,927$379,221
30$619,537$187,417$35,623$396,497
Total$10,000,000$2,638,019$574,998$6,786,987

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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.