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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 $109,000,000 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:  Tue, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$106,639$1,140,221
2$1,722,637$413,433$111,971$1,197,233
3$1,808,769$434,104$117,570$1,257,094
4$1,899,207$455,810$123,448$1,319,949
5$1,994,167$478,600$129,621$1,385,946
6$2,093,876$502,530$136,102$1,455,244
7$2,198,570$527,657$142,907$1,528,006
8$2,308,498$554,040$150,052$1,604,406
9$2,423,923$581,742$157,555$1,684,626
10$2,545,119$610,829$165,433$1,768,858
11$2,672,375$641,370$173,704$1,857,301
12$2,805,994$673,439$182,390$1,950,166
13$2,946,293$707,110$191,509$2,047,674
14$3,093,608$742,466$201,085$2,150,058
15$3,248,289$779,589$211,139$2,257,561
16$3,410,703$818,569$221,696$2,370,439
17$3,581,238$859,497$232,780$2,488,960
18$3,760,300$902,472$244,419$2,613,408
19$3,948,315$947,596$256,640$2,744,079
20$4,145,731$994,975$269,472$2,881,283
21$4,353,017$1,044,724$282,946$3,025,347
22$4,570,668$1,096,960$297,093$3,176,614
23$4,799,202$1,151,808$311,948$3,335,445
24$5,039,162$1,209,399$327,546$3,502,217
25$5,291,120$1,269,869$343,923$3,677,328
26$5,555,676$1,333,362$361,119$3,861,195
27$5,833,459$1,400,030$379,175$4,054,254
28$6,125,132$1,470,032$398,134$4,256,967
29$6,431,389$1,543,533$418,040$4,469,815
30$6,752,959$1,620,710$438,942$4,693,306
Total$109,000,000$26,160,000$7,085,000$75,755,000
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