USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 6, 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 $20,000,000 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, Aug 6, 2013
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$79,113$17,309$204,607
2$316,080$84,381$18,175$213,524
3$331,884$89,912$19,083$222,888
4$348,478$95,720$20,038$232,720
5$365,902$101,819$21,039$243,044
6$384,197$108,222$22,091$253,884
7$403,407$114,946$23,196$265,266
8$423,578$122,005$24,356$277,217
9$444,757$129,418$25,573$289,765
10$466,994$137,201$26,852$302,941
11$490,344$145,373$28,195$316,776
12$514,861$153,954$29,605$331,302
13$540,604$162,979$31,085$346,541
14$567,635$172,980$32,639$362,016
15$596,016$183,481$34,271$378,264
16$625,817$194,507$35,984$395,325
17$657,108$206,085$37,784$413,239
18$689,963$218,241$39,673$432,049
19$724,461$231,006$41,657$451,799
20$760,685$244,408$43,739$472,537
21$798,719$258,481$45,926$494,311
22$838,655$273,257$48,223$517,175
23$880,587$288,772$50,634$541,181
24$924,617$305,063$53,165$566,388
25$970,848$322,169$55,824$592,855
26$1,019,390$340,129$58,615$620,646
27$1,070,360$358,988$61,546$649,826
28$1,123,878$378,790$64,623$680,465
29$1,180,071$399,581$67,854$712,636
30$1,239,075$421,413$71,247$746,415
Total$20,000,000$6,322,394$1,150,001$12,527,602

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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.