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Mega Millions Annuity Jackpot Analysis for West Virginia

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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 $212,000,000 would be for a resident of West 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:

West Virginia

Drawing Date:  Fri, Apr 26, 2019
Jackpot:$212,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,190,904$765,817$207,409$2,217,678
2$3,350,449$804,108$217,779$2,328,562
3$3,517,972$844,313$228,668$2,444,990
4$3,693,871$886,529$240,102$2,567,240
5$3,878,564$930,855$252,107$2,695,602
6$4,072,492$977,398$264,712$2,830,382
7$4,276,117$1,026,268$277,948$2,971,901
8$4,489,923$1,077,581$291,845$3,120,496
9$4,714,419$1,131,461$306,437$3,276,521
10$4,950,140$1,188,034$321,759$3,440,347
11$5,197,647$1,247,435$337,847$3,612,365
12$5,457,529$1,309,807$354,739$3,792,983
13$5,730,406$1,375,297$372,476$3,982,632
14$6,016,926$1,444,062$391,100$4,181,764
15$6,317,772$1,516,265$410,655$4,390,852
16$6,633,661$1,592,079$431,188$4,610,394
17$6,965,344$1,671,682$452,747$4,840,914
18$7,313,611$1,755,267$475,385$5,082,960
19$7,679,291$1,843,030$499,154$5,337,108
20$8,063,256$1,935,181$524,112$5,603,963
21$8,466,419$2,031,941$550,317$5,884,161
22$8,889,740$2,133,538$577,833$6,178,369
23$9,334,227$2,240,214$606,725$6,487,288
24$9,800,938$2,352,225$637,061$6,811,652
25$10,290,985$2,469,836$668,914$7,152,235
26$10,805,534$2,593,328$702,360$7,509,846
27$11,345,811$2,722,995$737,478$7,885,339
28$11,913,102$2,859,144$774,352$8,279,606
29$12,508,757$3,002,102$813,069$8,693,586
30$13,134,195$3,152,207$853,723$9,128,265
Total$212,000,000$50,880,000$13,780,000$147,340,000
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