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Mega Millions Annuity Jackpot Analysis for West Virginia (Aug. 7, 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 $55,000,000 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:  Aug. 7, 2018
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$53,809$575,341
2$869,220$208,613$56,499$604,108
3$912,681$219,044$59,324$634,314
4$958,315$229,996$62,291$666,029
5$1,006,231$241,495$65,405$699,331
6$1,056,543$253,570$68,675$734,297
7$1,109,370$266,249$72,109$771,012
8$1,164,838$279,561$75,714$809,563
9$1,223,080$293,539$79,500$850,041
10$1,284,234$308,216$83,475$892,543
11$1,348,446$323,627$87,649$937,170
12$1,415,868$339,808$92,031$984,029
13$1,486,662$356,799$96,633$1,033,230
14$1,560,995$374,639$101,465$1,084,891
15$1,639,045$393,371$106,538$1,139,136
16$1,720,997$413,039$111,865$1,196,093
17$1,807,047$433,691$117,458$1,255,897
18$1,897,399$455,376$123,331$1,318,692
19$1,992,269$478,145$129,497$1,384,627
20$2,091,882$502,052$135,972$1,453,858
21$2,196,477$527,154$142,771$1,526,551
22$2,306,300$553,512$149,910$1,602,879
23$2,421,615$581,188$157,405$1,683,023
24$2,542,696$610,247$165,275$1,767,174
25$2,669,831$640,759$173,539$1,855,533
26$2,803,323$672,797$182,216$1,948,309
27$2,943,489$706,437$191,327$2,045,725
28$3,090,663$741,759$200,893$2,148,011
29$3,245,196$778,847$210,938$2,255,411
30$3,407,456$817,789$221,485$2,368,182
Total$55,000,000$13,200,000$3,575,000$38,225,000
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