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Mega Millions Annuity Jackpot Analysis for West Virginia (Oct. 16, 2018 Drawing)

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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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$652,555$6,977,318
2$10,541,273$2,529,905$685,183$7,326,185
3$11,068,336$2,656,401$719,442$7,692,494
4$11,621,753$2,789,221$755,414$8,077,119
5$12,202,840$2,928,682$793,185$8,480,974
6$12,812,983$3,075,116$832,844$8,905,023
7$13,453,632$3,228,872$874,486$9,350,274
8$14,126,314$3,390,315$918,210$9,817,788
9$14,832,629$3,559,831$964,121$10,308,677
10$15,574,261$3,737,823$1,012,327$10,824,111
11$16,352,974$3,924,714$1,062,943$11,365,317
12$17,170,622$4,120,949$1,116,090$11,933,583
13$18,029,153$4,326,997$1,171,895$12,530,262
14$18,930,611$4,543,347$1,230,490$13,156,775
15$19,877,142$4,770,514$1,292,014$13,814,613
16$20,870,999$5,009,040$1,356,615$14,505,344
17$21,914,548$5,259,492$1,424,446$15,230,611
18$23,010,276$5,522,466$1,495,668$15,992,142
19$24,160,790$5,798,590$1,570,451$16,791,749
20$25,368,829$6,088,519$1,648,974$17,631,336
21$26,637,271$6,392,945$1,731,423$18,512,903
22$27,969,134$6,712,592$1,817,994$19,438,548
23$29,367,591$7,048,222$1,908,893$20,410,476
24$30,835,970$7,400,633$2,004,338$21,430,999
25$32,377,769$7,770,665$2,104,555$22,502,549
26$33,996,658$8,159,198$2,209,783$23,627,677
27$35,696,491$8,567,158$2,320,272$24,809,061
28$37,481,315$8,995,516$2,436,285$26,049,514
29$39,355,381$9,445,291$2,558,100$27,351,989
30$41,323,150$9,917,556$2,686,005$28,719,589
Total$667,000,001$160,080,000$43,355,000$463,565,001
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