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Virginia Mega Millions Jackpot Annuity Payout Schedule for Oct 3, 2014

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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 $120,000,000 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, Oct 3, 2014
Jackpot:$120,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,806,172$626,471$103,855$1,075,846
2$1,896,481$659,886$109,048$1,127,548
3$1,991,305$694,971$114,500$1,181,834
4$2,090,870$731,810$120,225$1,238,835
5$2,195,414$770,491$126,236$1,298,687
6$2,305,184$811,106$132,548$1,361,530
7$2,420,444$853,752$139,176$1,427,516
8$2,541,466$898,530$146,134$1,496,801
9$2,668,539$945,547$153,441$1,569,551
10$2,801,966$994,915$161,113$1,645,938
11$2,942,064$1,046,752$169,169$1,726,144
12$3,089,167$1,101,180$177,627$1,810,361
13$3,243,626$1,158,329$186,508$1,898,788
14$3,405,807$1,218,336$195,834$1,991,637
15$3,576,097$1,281,344$205,626$2,089,128
16$3,754,902$1,347,502$215,907$2,191,494
17$3,942,647$1,416,967$226,702$2,298,978
18$4,139,780$1,489,906$238,037$2,411,836
19$4,346,769$1,566,492$249,939$2,530,337
20$4,564,107$1,646,907$262,436$2,654,764
21$4,792,313$1,731,343$275,558$2,785,411
22$5,031,928$1,820,001$289,336$2,922,591
23$5,283,525$1,913,092$303,803$3,066,630
24$5,547,701$2,010,837$318,993$3,217,871
25$5,825,086$2,113,470$334,942$3,376,674
26$6,116,340$2,221,234$351,690$3,543,417
27$6,422,157$2,334,386$369,274$3,718,497
28$6,743,265$2,453,196$387,738$3,902,331
29$7,080,428$2,577,946$407,125$4,095,357
30$7,434,450$2,708,934$427,481$4,298,035
Total$120,000,000$43,145,633$6,900,001$69,954,367

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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.