USA Mega

Vermont Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 1998

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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 $7,000,000 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:Tue, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 8.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$9,219$77,812
2$110,628$19,593$9,680$81,355
3$116,159$20,921$10,164$85,075
4$121,967$22,315$10,672$88,981
5$128,066$23,778$11,206$93,082
6$134,469$25,315$11,766$97,388
7$141,193$26,929$12,354$101,909
8$148,252$28,623$12,972$106,657
9$155,665$30,402$13,621$111,642
10$163,448$32,270$14,302$116,876
11$171,620$34,231$15,017$122,372
12$180,201$36,291$15,768$128,143
13$189,212$38,453$16,556$134,202
14$198,672$41,262$17,384$140,027
15$208,606$44,440$18,253$145,912
16$219,036$47,778$19,166$152,092
17$229,988$51,283$20,124$158,581
18$241,487$54,962$21,130$165,395
19$253,562$59,121$22,187$172,254
20$266,240$63,559$23,296$179,385
21$279,552$68,218$24,461$186,873
22$293,529$73,110$25,684$194,735
23$308,206$78,247$26,968$202,991
24$323,616$83,640$28,316$211,659
25$339,797$89,304$29,732$220,761
26$356,787$95,250$31,219$230,318
27$374,626$101,494$32,780$240,352
28$393,357$108,050$34,419$250,889
29$413,025$114,933$36,140$261,952
30$433,676$122,161$37,947$273,568
Total$7,000,000$1,654,262$612,503$4,733,238

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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.