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Mega Millions Annuity Jackpot Analysis for U.S. Virgin Islands

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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 $31,000,000 would be for a resident of U.S. Virgin Islands, 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:

U.S. Virgin Islands

Drawing Date:  Fri, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:0.00% (Unknown)
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$0$354,612
2$489,924$117,582$0$372,342
3$514,420$123,461$0$390,960
4$540,141$129,634$0$410,508
5$567,149$136,116$0$431,033
6$595,506$142,921$0$452,585
7$625,281$150,068$0$475,214
8$656,545$157,571$0$498,974
9$689,373$165,449$0$523,923
10$723,841$173,722$0$550,119
11$760,033$182,408$0$577,625
12$798,035$191,528$0$606,507
13$837,937$201,105$0$636,832
14$879,834$211,160$0$668,673
15$923,825$221,718$0$702,107
16$970,016$232,804$0$737,212
17$1,018,517$244,444$0$774,073
18$1,069,443$256,666$0$812,777
19$1,122,915$269,500$0$853,416
20$1,179,061$282,975$0$896,086
21$1,238,014$297,123$0$940,891
22$1,299,915$311,980$0$987,935
23$1,364,911$327,579$0$1,037,332
24$1,433,156$343,957$0$1,089,199
25$1,504,814$361,155$0$1,143,659
26$1,580,055$379,213$0$1,200,841
27$1,659,057$398,174$0$1,260,884
28$1,742,010$418,082$0$1,323,928
29$1,829,111$438,987$0$1,390,124
30$1,920,566$460,936$0$1,459,630
Total$31,000,000$7,440,000$0$23,560,000
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