USA Mega

West Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 25, 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 $5,000,000 for a ticket purchased in West 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:

West Virginia

Drawing Date:Tue, Aug 25, 1998
Jackpot:$5,000,000
Federal Tax:37% marginal rate
State Tax: 6.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$75,257$11,610$4,892$58,756
2$79,020$12,437$5,136$61,446
3$82,971$13,307$5,393$64,271
4$87,120$14,219$5,663$67,238
5$91,476$15,178$5,946$70,352
6$96,049$16,184$6,243$73,622
7$100,852$17,247$6,555$77,050
8$105,894$18,457$6,883$80,554
9$111,189$19,728$7,227$84,234
10$116,749$21,062$7,589$88,098
11$122,586$22,463$7,968$92,155
12$128,715$23,934$8,366$96,415
13$135,151$25,479$8,785$100,887
14$141,909$27,101$9,224$105,584
15$149,004$28,803$9,685$110,515
16$156,454$30,592$10,170$115,693
17$164,277$32,469$10,678$121,130
18$172,491$34,440$11,212$126,839
19$181,115$36,510$11,772$132,833
20$190,171$38,684$12,361$139,126
21$199,680$41,584$12,979$145,117
22$209,664$44,779$13,628$151,257
23$220,147$48,133$14,310$157,704
24$231,154$51,656$15,025$164,473
25$242,712$55,354$15,776$171,581
26$254,848$59,571$16,565$178,711
27$267,590$64,031$17,393$186,165
28$280,969$68,714$18,263$193,992
29$295,018$73,631$19,176$202,211
30$309,769$78,794$20,135$210,840
Total$5,000,000$1,046,151$324,998$3,628,849

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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.