USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Jan 8, 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 $47,000,000 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:Tue, Jan 8, 2013
Jackpot:$47,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$224,699$40,677$442,041
2$742,788$237,787$42,710$462,291
3$779,928$251,528$44,846$483,554
4$818,924$265,957$47,088$505,879
5$859,870$281,107$49,443$529,321
6$902,864$297,015$51,915$553,935
7$948,007$313,718$54,510$579,779
8$995,407$331,256$57,236$606,916
9$1,045,178$349,671$60,098$635,409
10$1,097,437$369,007$63,103$665,327
11$1,152,308$389,309$66,258$696,742
12$1,209,924$410,627$69,571$729,726
13$1,270,420$433,010$73,049$764,361
14$1,333,941$456,513$76,702$800,726
15$1,400,638$481,191$80,537$838,910
16$1,470,670$507,103$84,564$879,004
17$1,544,204$534,310$88,792$921,102
18$1,621,414$562,878$93,231$965,304
19$1,702,484$592,874$97,893$1,011,717
20$1,787,609$624,370$102,787$1,060,451
21$1,876,989$657,441$107,927$1,111,621
22$1,970,839$692,165$113,323$1,165,350
23$2,069,380$728,626$118,989$1,221,765
24$2,172,849$766,909$124,939$1,281,001
25$2,281,492$807,107$131,186$1,343,199
26$2,395,567$849,315$137,745$1,408,507
27$2,515,345$893,633$144,632$1,477,080
28$2,641,112$940,166$151,864$1,549,082
29$2,773,168$989,027$159,457$1,624,684
30$2,911,826$1,040,331$167,430$1,704,065
Total$47,000,000$16,278,650$2,702,502$28,018,849

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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.