USA Mega

Vermont Mega Millions Jackpot Annuity Payout Schedule for Dec 5, 1997

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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 $8,000,000 for a ticket purchased in Vermont, 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:

Vermont

Drawing Date:Fri, Dec 5, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 8.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$10,536$87,934
2$126,432$23,386$11,063$91,983
3$132,754$24,903$11,616$96,234
4$139,391$26,496$12,197$100,698
5$146,361$28,169$12,807$105,385
6$153,679$29,925$13,447$110,307
7$161,363$31,770$14,119$115,474
8$169,431$33,706$14,825$120,900
9$177,903$35,739$15,566$126,597
10$186,798$37,874$16,345$132,579
11$196,138$40,451$17,162$138,525
12$205,944$43,589$18,020$144,336
13$216,242$46,884$18,921$150,437
14$227,054$50,344$19,867$156,843
15$238,406$53,977$20,861$163,569
16$250,327$57,989$21,904$170,434
17$262,843$62,370$22,999$177,475
18$275,985$66,970$24,149$184,867
19$289,785$71,799$25,356$192,629
20$304,274$76,871$26,624$200,779
21$319,488$82,195$27,955$209,337
22$335,462$87,786$29,353$218,323
23$352,235$93,657$30,821$227,757
24$369,847$99,821$32,362$237,664
25$388,339$106,293$33,980$248,066
26$407,756$113,089$35,679$258,988
27$428,144$120,225$37,463$270,456
28$449,551$127,718$39,336$282,498
29$472,029$135,585$41,302$295,141
30$495,630$143,845$43,368$308,417
Total$8,000,000$1,975,367$700,003$5,324,632

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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.