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Mega Millions Annuity Jackpot Analysis for Virginia (Aug. 4, 2017 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 $323,000,000 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:  Aug. 4, 2017
Jackpot:$323,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,861,614$1,166,787$194,465$3,500,362
2$5,104,694$1,225,127$204,188$3,675,380
3$5,359,929$1,286,383$214,397$3,859,149
4$5,627,926$1,350,702$225,117$4,052,106
5$5,909,321$1,418,237$236,373$4,254,711
6$6,204,788$1,489,149$248,192$4,467,447
7$6,515,027$1,563,607$260,601$4,690,820
8$6,840,779$1,641,787$273,631$4,925,361
9$7,182,817$1,723,876$287,313$5,171,629
10$7,541,958$1,810,070$301,678$5,430,210
11$7,919,056$1,900,573$316,762$5,701,720
12$8,315,009$1,995,602$332,600$5,986,806
13$8,730,759$2,095,382$349,230$6,286,147
14$9,167,297$2,200,151$366,692$6,600,454
15$9,625,662$2,310,159$385,026$6,930,477
16$10,106,946$2,425,667$404,278$7,277,001
17$10,612,293$2,546,950$424,492$7,640,851
18$11,142,907$2,674,298$445,716$8,022,893
19$11,700,053$2,808,013$468,002$8,424,038
20$12,285,055$2,948,413$491,402$8,845,240
21$12,899,308$3,095,834$515,972$9,287,502
22$13,544,273$3,250,626$541,771$9,751,877
23$14,221,487$3,413,157$568,859$10,239,471
24$14,932,561$3,583,815$597,302$10,751,444
25$15,679,189$3,763,005$627,168$11,289,016
26$16,463,149$3,951,156$658,526$11,853,467
27$17,286,307$4,148,714$691,452$12,446,141
28$18,150,622$4,356,149$726,025$13,068,448
29$19,058,153$4,573,957$762,326$13,721,870
30$20,011,061$4,802,655$800,442$14,407,964
Total$323,000,001$77,520,000$12,920,000$232,560,000
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