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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 $378,000,000 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, Jun 5, 2020
Jackpot:$378,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,689,442$1,365,466$369,814$3,954,162
2$5,973,915$1,433,740$388,304$4,151,871
3$6,272,610$1,505,426$407,720$4,359,464
4$6,586,241$1,580,698$428,106$4,577,437
5$6,915,553$1,659,733$449,511$4,806,309
6$7,261,330$1,742,719$471,986$5,046,625
7$7,624,397$1,829,855$495,586$5,298,956
8$8,005,617$1,921,348$520,365$5,563,904
9$8,405,898$2,017,415$546,383$5,842,099
10$8,826,193$2,118,286$573,703$6,134,204
11$9,267,502$2,224,201$602,388$6,440,914
12$9,730,877$2,335,411$632,507$6,762,960
13$10,217,421$2,452,181$664,132$7,101,108
14$10,728,292$2,574,790$697,339$7,456,163
15$11,264,707$2,703,530$732,206$7,828,971
16$11,827,942$2,838,706$768,816$8,220,420
17$12,419,339$2,980,641$807,257$8,631,441
18$13,040,306$3,129,674$847,620$9,063,013
19$13,692,322$3,286,157$890,001$9,516,164
20$14,376,938$3,450,465$934,501$9,991,972
21$15,095,785$3,622,988$981,226$10,491,570
22$15,850,574$3,804,138$1,030,287$11,016,149
23$16,643,103$3,994,345$1,081,802$11,566,956
24$17,475,258$4,194,062$1,135,892$12,145,304
25$18,349,020$4,403,765$1,192,686$12,752,569
26$19,266,472$4,623,953$1,252,321$13,390,198
27$20,229,795$4,855,151$1,314,937$14,059,708
28$21,241,285$5,097,908$1,380,684$14,762,693
29$22,303,349$5,352,804$1,449,718$15,500,828
30$23,418,517$5,620,444$1,522,204$16,275,869
Total$378,000,001$90,720,000$24,570,000$262,710,001
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