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Mega Millions Annuity Jackpot Analysis for Virginia (Apr. 10, 2020 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 $136,000,000 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:  Apr. 10, 2020
Jackpot:$136,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,046,995$491,279$81,880$1,473,837
2$2,149,345$515,843$85,974$1,547,528
3$2,256,812$541,635$90,272$1,624,905
4$2,369,653$568,717$94,786$1,706,150
5$2,488,135$597,152$99,525$1,791,457
6$2,612,542$627,010$104,502$1,881,030
7$2,743,169$658,361$109,727$1,975,082
8$2,880,328$691,279$115,213$2,073,836
9$3,024,344$725,843$120,974$2,177,528
10$3,175,561$762,135$127,022$2,286,404
11$3,334,339$800,241$133,374$2,400,724
12$3,501,056$840,254$140,042$2,520,761
13$3,676,109$882,266$147,044$2,646,799
14$3,859,915$926,380$154,397$2,779,139
15$4,052,910$972,699$162,116$2,918,096
16$4,255,556$1,021,333$170,222$3,064,000
17$4,468,334$1,072,400$178,733$3,217,200
18$4,691,750$1,126,020$187,670$3,378,060
19$4,926,338$1,182,321$197,054$3,546,963
20$5,172,655$1,241,437$206,906$3,724,312
21$5,431,288$1,303,509$217,252$3,910,527
22$5,702,852$1,368,684$228,114$4,106,053
23$5,987,995$1,437,119$239,520$4,311,356
24$6,287,394$1,508,975$251,496$4,526,924
25$6,601,764$1,584,423$264,071$4,753,270
26$6,931,852$1,663,645$277,274$4,990,934
27$7,278,445$1,746,827$291,138$5,240,480
28$7,642,367$1,834,168$305,695$5,502,504
29$8,024,485$1,925,876$320,979$5,777,629
30$8,425,710$2,022,170$337,028$6,066,511
Total$136,000,000$32,640,000$5,440,000$97,920,000
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