USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Nov 20, 2020

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The tax information provided here is based on 2021 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 $188,000,000 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, Nov 20, 2020
Jackpot:$188,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,829,670$1,011,050$162,706$1,655,914
2$2,971,153$1,063,399$170,841$1,736,913
3$3,119,711$1,118,365$179,383$1,821,962
4$3,275,697$1,176,080$188,353$1,911,264
5$3,439,481$1,236,680$197,770$2,005,031
6$3,611,455$1,300,311$207,659$2,103,486
7$3,792,028$1,367,123$218,042$2,206,864
8$3,981,630$1,437,275$228,944$2,315,411
9$4,180,711$1,510,935$240,391$2,429,385
10$4,389,747$1,588,278$252,410$2,549,058
11$4,609,234$1,669,489$265,031$2,674,714
12$4,839,696$1,754,760$278,283$2,806,654
13$5,081,680$1,844,294$292,197$2,945,190
14$5,335,764$1,938,305$306,806$3,090,653
15$5,602,553$2,037,017$322,147$3,243,389
16$5,882,680$2,140,664$338,254$3,403,762
17$6,176,814$2,249,494$355,167$3,572,154
18$6,485,655$2,363,765$372,925$3,748,965
19$6,809,938$2,483,749$391,571$3,934,617
20$7,150,435$2,609,733$411,150$4,129,552
21$7,507,956$2,742,016$431,707$4,334,233
22$7,883,354$2,880,913$453,293$4,549,148
23$8,277,522$3,026,755$475,958$4,774,809
24$8,691,398$3,179,889$499,755$5,011,753
25$9,125,968$3,340,680$524,743$5,260,544
26$9,582,266$3,509,511$550,980$5,521,775
27$10,061,380$3,686,783$578,529$5,796,068
28$10,564,449$3,872,918$607,456$6,084,075
29$11,092,671$4,068,361$637,829$6,386,482
30$11,647,305$4,273,575$669,720$6,704,010
Total$188,000,000$68,482,167$10,810,000$108,707,835

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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.