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Virginia Mega Millions Jackpot Annuity Payout Schedule for Feb 23, 2024

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $525,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Virginia

Drawing Date:Fri, Feb 23, 2024
Jackpot:$525,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,902,003$2,881,929$454,365$4,565,709
2$8,297,104$3,028,116$477,083$4,791,904
3$8,711,959$3,181,612$500,938$5,029,409
4$9,147,557$3,342,784$525,985$5,278,789
5$9,604,934$3,512,013$552,284$5,540,637
6$10,085,181$3,689,705$579,898$5,815,579
7$10,589,441$3,876,281$608,893$6,104,267
8$11,118,913$4,072,185$639,337$6,407,390
9$11,674,858$4,277,885$671,304$6,725,669
10$12,258,601$4,493,870$704,870$7,059,861
11$12,871,531$4,720,654$740,113$7,410,764
12$13,515,108$4,958,778$777,119$7,779,211
13$14,190,863$5,208,807$815,975$8,166,081
14$14,900,406$5,471,338$856,773$8,572,295
15$15,645,426$5,746,995$899,612$8,998,819
16$16,427,698$6,036,436$944,593$9,446,669
17$17,249,082$6,340,348$991,822$9,916,912
18$18,111,537$6,659,456$1,041,413$10,410,667
19$19,017,113$6,994,520$1,093,484$10,929,110
20$19,967,969$7,346,336$1,148,158$11,473,475
21$20,966,367$7,715,744$1,205,566$12,045,058
22$22,014,686$8,103,622$1,265,844$12,645,220
23$23,115,420$8,510,893$1,329,137$13,275,390
24$24,271,191$8,938,528$1,395,593$13,937,069
25$25,484,751$9,387,545$1,465,373$14,631,832
26$26,758,989$9,859,014$1,538,642$15,361,333
27$28,096,938$10,354,055$1,615,574$16,127,309
28$29,501,784$10,873,848$1,696,353$16,931,584
29$30,976,874$11,419,631$1,781,170$17,776,072
30$32,525,718$11,992,703$1,870,229$18,662,786
Total$525,000,001$192,995,631$30,187,500$301,816,870

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.