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Mega Millions Annuity Jackpot Analysis for West Virginia (May. 25, 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 $73,000,000 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:  May. 25, 2018
Jackpot:$73,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,098,755$263,701$71,419$763,635
2$1,153,693$276,886$74,990$801,816
3$1,211,377$290,731$78,740$841,907
4$1,271,946$305,267$82,676$884,002
5$1,335,543$320,530$86,810$928,203
6$1,402,320$336,557$91,151$974,613
7$1,472,436$353,385$95,708$1,023,343
8$1,546,058$371,054$100,494$1,074,511
9$1,623,361$389,607$105,518$1,128,236
10$1,704,529$409,087$110,794$1,184,648
11$1,789,756$429,541$116,334$1,243,880
12$1,879,244$451,018$122,151$1,306,074
13$1,973,206$473,569$128,258$1,371,378
14$2,071,866$497,248$134,671$1,439,947
15$2,175,459$522,110$141,405$1,511,944
16$2,284,232$548,216$148,475$1,587,541
17$2,398,444$575,627$155,899$1,666,918
18$2,518,366$604,408$163,694$1,750,264
19$2,644,284$634,628$171,878$1,837,778
20$2,776,499$666,360$180,472$1,929,667
21$2,915,323$699,678$189,496$2,026,150
22$3,061,090$734,662$198,971$2,127,457
23$3,214,144$771,395$208,919$2,233,830
24$3,374,851$809,964$219,365$2,345,522
25$3,543,594$850,463$230,334$2,462,798
26$3,720,774$892,986$241,850$2,585,938
27$3,906,812$937,635$253,943$2,715,235
28$4,102,153$984,517$266,640$2,850,996
29$4,307,261$1,033,743$279,972$2,993,546
30$4,522,624$1,085,430$293,971$3,143,223
Total$73,000,000$17,520,000$4,745,000$50,735,000
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