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Vermont 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 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, Mar 22, 2002
Jackpot:$56,000,000
Federal Tax:37% marginal rate
State Tax: 8.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$842,880$270,053$73,752$499,075
2$885,024$285,647$77,440$521,938
3$929,276$302,020$81,312$545,944
4$975,739$319,211$85,377$571,151
5$1,024,526$337,262$89,646$597,618
6$1,075,753$356,216$94,128$625,408
7$1,129,540$376,118$98,835$654,588
8$1,186,017$397,014$103,777$685,227
9$1,245,318$418,955$108,965$717,397
10$1,307,584$441,994$114,414$751,177
11$1,372,963$466,184$120,134$786,645
12$1,441,611$491,584$126,141$823,886
13$1,513,692$518,254$132,448$862,990
14$1,589,377$546,257$139,070$904,049
15$1,668,845$575,661$146,024$947,161
16$1,752,288$606,534$153,325$992,428
17$1,839,902$638,952$160,991$1,039,959
18$1,931,897$672,990$169,041$1,089,867
19$2,028,492$708,730$177,493$1,142,269
20$2,129,917$746,257$186,368$1,197,292
21$2,236,413$785,660$195,686$1,255,066
22$2,348,233$827,034$205,470$1,315,729
23$2,465,645$870,476$215,744$1,379,425
24$2,588,927$916,091$226,531$1,446,305
25$2,718,373$963,986$237,858$1,516,530
26$2,854,292$1,014,276$249,751$1,590,266
27$2,997,007$1,067,080$262,238$1,667,688
28$3,146,857$1,122,525$275,350$1,748,982
29$3,304,200$1,180,742$289,117$1,834,341
30$3,469,410$1,241,869$303,573$1,923,967
Total$56,000,000$19,465,632$4,899,999$31,634,368

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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.