USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for May 29, 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 $336,000,000 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, May 29, 2020
Jackpot:$336,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,057,282$1,835,267$290,794$2,931,222
2$5,310,146$1,928,826$305,333$3,075,987
3$5,575,654$2,027,064$320,600$3,227,989
4$5,854,436$2,130,214$336,630$3,387,593
5$6,147,158$2,238,521$353,462$3,555,176
6$6,454,516$2,352,243$371,135$3,731,138
7$6,777,242$2,471,652$389,691$3,915,899
8$7,116,104$2,597,031$409,176$4,109,897
9$7,471,909$2,728,679$429,635$4,313,596
10$7,845,505$2,866,909$451,117$4,527,479
11$8,237,780$3,012,051$473,672$4,752,057
12$8,649,669$3,164,450$497,356$4,987,863
13$9,082,152$3,324,469$522,224$5,235,460
14$9,536,260$3,492,488$548,335$5,495,437
15$10,013,073$3,668,909$575,752$5,768,412
16$10,513,727$3,854,151$604,539$6,055,036
17$11,039,413$4,048,655$634,766$6,355,992
18$11,591,383$4,252,884$666,505$6,671,995
19$12,170,953$4,467,325$699,830$7,003,798
20$12,779,500$4,692,487$734,821$7,352,192
21$13,418,475$4,928,908$771,562$7,718,005
22$14,089,399$5,177,150$810,140$8,102,109
23$14,793,869$5,437,804$850,647$8,505,418
24$15,533,562$5,711,490$893,180$8,928,892
25$16,310,240$5,998,861$937,839$9,373,540
26$17,125,753$6,300,601$984,731$9,840,421
27$17,982,040$6,617,427$1,033,967$10,330,646
28$18,881,142$6,950,095$1,085,666$10,845,382
29$19,825,199$7,299,396$1,139,949$11,385,854
30$20,816,459$7,666,162$1,196,946$11,953,351
Total$336,000,001$123,242,169$19,320,000$193,437,836

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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.