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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 $60,000,000 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, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$58,701$627,645
2$948,240$227,578$61,636$659,027
3$995,652$238,957$64,717$691,978
4$1,045,435$250,904$67,953$726,577
5$1,097,707$263,450$71,351$762,906
6$1,152,592$276,622$74,918$801,052
7$1,210,222$290,453$78,664$841,104
8$1,270,733$304,976$82,598$883,159
9$1,334,270$320,225$86,728$927,317
10$1,400,983$336,236$91,064$973,683
11$1,471,032$353,048$95,617$1,022,367
12$1,544,584$370,700$100,398$1,073,486
13$1,621,813$389,235$105,418$1,127,160
14$1,702,904$408,697$110,689$1,183,518
15$1,788,049$429,132$116,223$1,242,694
16$1,877,451$450,588$122,034$1,304,829
17$1,971,324$473,118$128,136$1,370,070
18$2,069,890$496,774$134,543$1,438,573
19$2,173,384$521,612$141,270$1,510,502
20$2,282,054$547,693$148,333$1,586,027
21$2,396,156$575,078$155,750$1,665,329
22$2,515,964$603,831$163,538$1,748,595
23$2,641,762$634,023$171,715$1,836,025
24$2,773,850$665,724$180,300$1,927,826
25$2,912,543$699,010$189,315$2,024,217
26$3,058,170$733,961$198,781$2,125,428
27$3,211,079$770,659$208,720$2,231,700
28$3,371,633$809,192$219,156$2,343,285
29$3,540,214$849,651$230,114$2,460,449
30$3,717,225$892,134$241,620$2,583,471
Total$60,000,000$14,400,000$3,900,000$41,700,000
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