USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Sep 5, 2014

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The tax information provided here is based on 2025 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 $33,000,000 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, Sep 5, 2014
Jackpot:$33,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$496,697$143,391$28,560$324,746
2$521,532$152,084$29,988$339,461
3$547,609$161,210$31,488$354,911
4$574,989$170,794$33,062$371,134
5$603,739$180,856$34,715$388,168
6$633,926$191,573$36,451$405,902
7$665,622$203,300$38,273$424,048
8$698,903$215,614$40,187$443,102
9$733,848$228,544$42,196$463,108
10$770,541$242,120$44,306$484,114
11$809,068$256,375$46,521$506,171
12$849,521$271,343$48,847$529,331
13$891,997$287,059$51,290$553,648
14$936,597$303,561$53,854$579,182
15$983,427$320,888$56,547$605,992
16$1,032,598$339,082$59,374$634,142
17$1,084,228$358,185$62,343$663,700
18$1,138,439$378,243$65,460$694,736
19$1,195,361$399,304$68,733$727,324
20$1,255,129$421,418$72,170$761,541
21$1,317,886$444,638$75,778$797,469
22$1,383,780$469,019$79,567$835,194
23$1,452,969$494,619$83,546$874,805
24$1,525,618$521,499$87,723$916,396
25$1,601,899$549,723$92,109$960,067
26$1,681,994$579,358$96,715$1,005,921
27$1,766,093$610,475$101,550$1,054,068
28$1,854,398$643,147$106,628$1,104,623
29$1,947,118$677,454$111,959$1,157,705
30$2,044,474$713,476$117,557$1,213,441
Total$33,000,000$10,928,352$1,897,497$20,174,150

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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.