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Mega Millions Annuity Jackpot Analysis for Virginia (Oct. 16, 2018 Drawing)

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $667,000,000 would be for a resident of 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Virginia

Drawing Date:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$401,572$7,228,301
2$10,541,273$2,529,905$421,651$7,589,716
3$11,068,336$2,656,401$442,733$7,969,202
4$11,621,753$2,789,221$464,870$8,367,662
5$12,202,840$2,928,682$488,114$8,786,045
6$12,812,983$3,075,116$512,519$9,225,347
7$13,453,632$3,228,872$538,145$9,686,615
8$14,126,314$3,390,315$565,053$10,170,946
9$14,832,629$3,559,831$593,305$10,679,493
10$15,574,261$3,737,823$622,970$11,213,468
11$16,352,974$3,924,714$654,119$11,774,141
12$17,170,622$4,120,949$686,825$12,362,848
13$18,029,153$4,326,997$721,166$12,980,990
14$18,930,611$4,543,347$757,224$13,630,040
15$19,877,142$4,770,514$795,086$14,311,542
16$20,870,999$5,009,040$834,840$15,027,119
17$21,914,548$5,259,492$876,582$15,778,475
18$23,010,276$5,522,466$920,411$16,567,399
19$24,160,790$5,798,590$966,432$17,395,769
20$25,368,829$6,088,519$1,014,753$18,265,557
21$26,637,271$6,392,945$1,065,491$19,178,835
22$27,969,134$6,712,592$1,118,765$20,137,777
23$29,367,591$7,048,222$1,174,704$21,144,666
24$30,835,970$7,400,633$1,233,439$22,201,899
25$32,377,769$7,770,665$1,295,111$23,311,994
26$33,996,658$8,159,198$1,359,866$24,477,594
27$35,696,491$8,567,158$1,427,860$25,701,473
28$37,481,315$8,995,516$1,499,253$26,986,547
29$39,355,381$9,445,291$1,574,215$28,335,874
30$41,323,150$9,917,556$1,652,926$29,752,668
Total$667,000,001$160,080,000$26,680,000$480,240,001
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