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Mega Millions Annuity Jackpot Analysis for West Virginia (Nov. 6, 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 $70,000,000 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:  Nov. 6, 2018
Jackpot:$70,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$252,864$68,484$732,252
2$1,106,280$265,507$71,908$768,865
3$1,161,594$278,783$75,504$807,308
4$1,219,674$292,722$79,279$847,674
5$1,280,658$307,358$83,243$890,057
6$1,344,691$322,726$87,405$934,560
7$1,411,925$338,862$91,775$981,288
8$1,482,522$355,805$96,364$1,030,353
9$1,556,648$373,595$101,182$1,081,870
10$1,634,480$392,275$106,241$1,135,964
11$1,716,204$411,889$111,553$1,192,762
12$1,802,014$432,483$117,131$1,252,400
13$1,892,115$454,108$122,987$1,315,020
14$1,986,721$476,813$129,137$1,380,771
15$2,086,057$500,654$135,594$1,449,810
16$2,190,360$525,686$142,373$1,522,300
17$2,299,878$551,971$149,492$1,598,415
18$2,414,872$579,569$156,967$1,678,336
19$2,535,615$608,548$164,815$1,762,253
20$2,662,396$638,975$173,056$1,850,365
21$2,795,516$670,924$181,709$1,942,883
22$2,935,291$704,470$190,794$2,040,028
23$3,082,056$739,693$200,334$2,142,029
24$3,236,159$776,678$210,350$2,249,130
25$3,397,967$815,512$220,868$2,361,587
26$3,567,865$856,288$231,911$2,479,666
27$3,746,258$899,102$243,507$2,603,650
28$3,933,571$944,057$255,682$2,733,832
29$4,130,250$991,260$268,466$2,870,524
30$4,336,762$1,040,823$281,890$3,014,050
Total$70,000,000$16,800,000$4,550,000$48,650,000
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