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Mega Millions Annuity Jackpot Analysis for Virginia (May. 25, 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 $73,000,000 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:  May. 25, 2018
Jackpot:$73,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,098,755$263,701$43,950$791,103
2$1,153,693$276,886$46,148$830,659
3$1,211,377$290,731$48,455$872,192
4$1,271,946$305,267$50,878$915,801
5$1,335,543$320,530$53,422$961,591
6$1,402,320$336,557$56,093$1,009,671
7$1,472,436$353,385$58,897$1,060,154
8$1,546,058$371,054$61,842$1,113,162
9$1,623,361$389,607$64,934$1,168,820
10$1,704,529$409,087$68,181$1,227,261
11$1,789,756$429,541$71,590$1,288,624
12$1,879,244$451,018$75,170$1,353,055
13$1,973,206$473,569$78,928$1,420,708
14$2,071,866$497,248$82,875$1,491,744
15$2,175,459$522,110$87,018$1,566,331
16$2,284,232$548,216$91,369$1,644,647
17$2,398,444$575,627$95,938$1,726,880
18$2,518,366$604,408$100,735$1,813,224
19$2,644,284$634,628$105,771$1,903,885
20$2,776,499$666,360$111,060$1,999,079
21$2,915,323$699,678$116,613$2,099,033
22$3,061,090$734,662$122,444$2,203,985
23$3,214,144$771,395$128,566$2,314,184
24$3,374,851$809,964$134,994$2,429,893
25$3,543,594$850,463$141,744$2,551,388
26$3,720,774$892,986$148,831$2,678,957
27$3,906,812$937,635$156,272$2,812,905
28$4,102,153$984,517$164,086$2,953,550
29$4,307,261$1,033,743$172,290$3,101,228
30$4,522,624$1,085,430$180,905$3,256,289
Total$73,000,000$17,520,000$2,920,000$52,560,000
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