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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 $224,000,000 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, Feb 22, 2019
Jackpot:$224,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,371,521$809,165$219,149$2,343,207
2$3,540,098$849,623$230,106$2,460,368
3$3,717,102$892,105$241,612$2,583,386
4$3,902,958$936,710$253,692$2,712,556
5$4,098,105$983,545$266,377$2,848,183
6$4,303,011$1,032,723$279,696$2,990,592
7$4,518,161$1,084,359$293,680$3,140,122
8$4,744,069$1,138,577$308,365$3,297,128
9$4,981,273$1,195,505$323,783$3,461,985
10$5,230,336$1,255,281$339,972$3,635,084
11$5,491,853$1,318,045$356,970$3,816,838
12$5,766,446$1,383,947$374,819$4,007,680
13$6,054,768$1,453,144$393,560$4,208,064
14$6,357,507$1,525,802$413,238$4,418,467
15$6,675,382$1,602,092$433,900$4,639,390
16$7,009,151$1,682,196$455,595$4,871,360
17$7,359,608$1,766,306$478,375$5,114,928
18$7,727,589$1,854,621$502,293$5,370,674
19$8,113,968$1,947,352$527,408$5,639,208
20$8,519,667$2,044,720$553,778$5,921,168
21$8,945,650$2,146,956$581,467$6,217,227
22$9,392,933$2,254,304$610,541$6,528,088
23$9,862,579$2,367,019$641,068$6,854,493
24$10,355,708$2,485,370$673,121$7,197,217
25$10,873,494$2,609,638$706,777$7,557,078
26$11,417,168$2,740,120$742,116$7,934,932
27$11,988,027$2,877,126$779,222$8,331,679
28$12,587,428$3,020,983$818,183$8,748,262
29$13,216,799$3,172,032$859,092$9,185,676
30$13,877,640$3,330,633$902,047$9,644,959
Total$224,000,000$53,760,000$14,560,000$155,680,000
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