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Mega Millions Annuity Jackpot Analysis for Virginia (Nov. 6, 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 $70,000,000 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:  Nov. 6, 2018
Jackpot:$70,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$252,864$42,144$758,592
2$1,106,280$265,507$44,251$796,522
3$1,161,594$278,783$46,464$836,348
4$1,219,674$292,722$48,787$878,165
5$1,280,658$307,358$51,226$922,074
6$1,344,691$322,726$53,788$968,177
7$1,411,925$338,862$56,477$1,016,586
8$1,482,522$355,805$59,301$1,067,416
9$1,556,648$373,595$62,266$1,120,786
10$1,634,480$392,275$65,379$1,176,826
11$1,716,204$411,889$68,648$1,235,667
12$1,802,014$432,483$72,081$1,297,450
13$1,892,115$454,108$75,685$1,362,323
14$1,986,721$476,813$79,469$1,430,439
15$2,086,057$500,654$83,442$1,501,961
16$2,190,360$525,686$87,614$1,577,059
17$2,299,878$551,971$91,995$1,655,912
18$2,414,872$579,569$96,595$1,738,708
19$2,535,615$608,548$101,425$1,825,643
20$2,662,396$638,975$106,496$1,916,925
21$2,795,516$670,924$111,821$2,012,771
22$2,935,291$704,470$117,412$2,113,410
23$3,082,056$739,693$123,282$2,219,080
24$3,236,159$776,678$129,446$2,330,034
25$3,397,967$815,512$135,919$2,446,536
26$3,567,865$856,288$142,715$2,568,863
27$3,746,258$899,102$149,850$2,697,306
28$3,933,571$944,057$157,343$2,832,171
29$4,130,250$991,260$165,210$2,973,780
30$4,336,762$1,040,823$173,470$3,122,469
Total$70,000,000$16,800,000$2,800,000$50,400,000
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