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Virginia Mega Millions Jackpot Annuity Payout Schedule for Jan 11, 2013

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The tax information provided here is based on 2022 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 $55,000,000 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 prize money, as well as deductions claimed.

State:

Virginia

Drawing Date:Fri, Jan 11, 2013
Jackpot:$55,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$269,252$47,600$510,977
2$869,220$284,567$49,980$534,674
3$912,681$300,647$52,479$559,555
4$958,315$317,532$55,103$585,681
5$1,006,231$335,261$57,858$613,112
6$1,056,543$353,876$60,751$641,916
7$1,109,370$373,422$63,789$672,159
8$1,164,838$393,945$66,978$703,915
9$1,223,080$415,495$70,327$737,259
10$1,284,234$438,122$73,843$772,269
11$1,348,446$461,880$77,536$809,030
12$1,415,868$486,826$81,412$847,630
13$1,486,662$513,020$85,483$888,159
14$1,560,995$540,523$89,757$930,715
15$1,639,045$569,402$94,245$975,398
16$1,720,997$599,724$98,957$1,022,316
17$1,807,047$631,562$103,905$1,071,579
18$1,897,399$664,993$109,100$1,123,306
19$1,992,269$700,095$114,555$1,177,619
20$2,091,882$736,952$120,283$1,234,648
21$2,196,477$775,651$126,297$1,294,528
22$2,306,300$816,286$132,612$1,357,402
23$2,421,615$858,953$139,243$1,423,420
24$2,542,696$903,753$146,205$1,492,739
25$2,669,831$950,792$153,515$1,565,523
26$2,803,323$1,000,184$161,191$1,641,947
27$2,943,489$1,052,046$169,251$1,722,192
28$3,090,663$1,106,500$177,713$1,806,450
29$3,245,196$1,163,678$186,599$1,894,920
30$3,407,456$1,223,714$195,929$1,987,814
Total$55,000,000$19,238,653$3,162,496$32,598,852

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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.