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Virginia Mega Millions Jackpot Annuity Payout Schedule for Dec 16, 2022

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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 $429,000,000 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, Dec 16, 2022
Jackpot:$429,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,457,066$2,352,069$371,281$3,733,715
2$6,779,919$2,471,525$389,845$3,918,549
3$7,118,915$2,596,953$409,338$4,112,624
4$7,474,861$2,728,654$429,804$4,316,403
5$7,848,603$2,866,938$451,295$4,530,370
6$8,241,034$3,012,138$473,859$4,755,037
7$8,653,086$3,164,597$497,552$4,990,937
8$9,085,740$3,324,679$522,430$5,238,631
9$9,540,027$3,492,765$548,552$5,498,710
10$10,017,028$3,669,255$575,979$5,771,794
11$10,517,880$3,854,570$604,778$6,058,531
12$11,043,774$4,049,151$635,017$6,359,605
13$11,595,962$4,253,461$666,768$6,675,733
14$12,175,760$4,467,986$700,106$7,007,668
15$12,784,548$4,693,238$735,112$7,356,199
16$13,423,776$4,929,752$771,867$7,722,157
17$14,094,964$5,178,092$810,460$8,106,412
18$14,799,713$5,438,849$850,983$8,509,881
19$15,539,698$5,712,643$893,533$8,933,522
20$16,316,683$6,000,128$938,209$9,378,346
21$17,132,517$6,301,986$985,120$9,845,411
22$17,989,143$6,618,938$1,034,376$10,335,830
23$18,888,601$6,951,737$1,086,095$10,850,769
24$19,833,030$7,301,176$1,140,399$11,391,455
25$20,824,682$7,668,087$1,197,419$11,959,175
26$21,865,916$8,053,344$1,257,290$12,555,282
27$22,959,212$8,457,863$1,320,155$13,181,194
28$24,107,172$8,882,609$1,386,162$13,838,401
29$25,312,531$9,328,592$1,455,471$14,528,469
30$26,578,158$9,796,873$1,528,244$15,253,040
Total$429,000,001$157,618,648$24,667,499$246,713,850

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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.