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Mega Millions Annuity Jackpot Analysis for Virginia (Jul. 28, 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 $20,000,000 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$12,041$216,741
2$316,080$75,859$12,643$227,578
3$331,884$79,652$13,275$238,957
4$348,478$83,635$13,939$250,904
5$365,902$87,817$14,636$263,450
6$384,197$92,207$15,368$276,622
7$403,407$96,818$16,136$290,453
8$423,578$101,659$16,943$304,976
9$444,757$106,742$17,790$320,225
10$466,994$112,079$18,680$336,236
11$490,344$117,683$19,614$353,048
12$514,861$123,567$20,594$370,700
13$540,604$129,745$21,624$389,235
14$567,635$136,232$22,705$408,697
15$596,016$143,044$23,841$429,132
16$625,817$150,196$25,033$450,588
17$657,108$157,706$26,284$473,118
18$689,963$165,591$27,599$496,774
19$724,461$173,871$28,978$521,612
20$760,685$182,564$30,427$547,693
21$798,719$191,693$31,949$575,078
22$838,655$201,277$33,546$603,831
23$880,587$211,341$35,223$634,023
24$924,617$221,908$36,985$665,724
25$970,848$233,003$38,834$699,010
26$1,019,390$244,654$40,776$733,961
27$1,070,360$256,886$42,814$770,659
28$1,123,878$269,731$44,955$809,192
29$1,180,071$283,217$47,203$849,651
30$1,239,075$297,378$49,563$892,134
Total$20,000,000$4,800,000$800,000$14,400,000
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