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Mega Millions Annuity Jackpot Analysis for West Virginia (Jul. 28, 2020 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 $20,000,000 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$19,567$209,215
2$316,080$75,859$20,545$219,676
3$331,884$79,652$21,572$230,659
4$348,478$83,635$22,651$242,192
5$365,902$87,817$23,784$254,302
6$384,197$92,207$24,973$267,017
7$403,407$96,818$26,221$280,368
8$423,578$101,659$27,533$294,386
9$444,757$106,742$28,909$309,106
10$466,994$112,079$30,355$324,561
11$490,344$117,683$31,872$340,789
12$514,861$123,567$33,466$357,829
13$540,604$129,745$35,139$375,720
14$567,635$136,232$36,896$394,506
15$596,016$143,044$38,741$414,231
16$625,817$150,196$40,678$434,943
17$657,108$157,706$42,712$456,690
18$689,963$165,591$44,848$479,524
19$724,461$173,871$47,090$503,501
20$760,685$182,564$49,444$528,676
21$798,719$191,693$51,917$555,110
22$838,655$201,277$54,513$582,865
23$880,587$211,341$57,238$612,008
24$924,617$221,908$60,100$642,609
25$970,848$233,003$63,105$674,739
26$1,019,390$244,654$66,260$708,476
27$1,070,360$256,886$69,573$743,900
28$1,123,878$269,731$73,052$781,095
29$1,180,071$283,217$76,705$820,150
30$1,239,075$297,378$80,540$861,157
Total$20,000,000$4,800,000$1,300,000$13,900,000
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