USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Jul 29, 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 $1,337,000,000 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, Jul 29, 2022
Jackpot:$1,337,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$20,123,769$7,408,749$1,157,117$11,557,903
2$21,129,957$7,781,039$1,214,973$12,133,946
3$22,186,455$8,171,943$1,275,721$12,738,790
4$23,295,778$8,582,393$1,339,507$13,373,878
5$24,460,566$9,013,364$1,406,483$14,040,719
6$25,683,595$9,465,885$1,476,807$14,740,903
7$26,967,775$9,941,032$1,550,647$15,476,096
8$28,316,164$10,439,936$1,628,179$16,248,049
9$29,731,972$10,963,785$1,709,588$17,058,599
10$31,218,570$11,513,826$1,795,068$17,909,676
11$32,779,499$12,091,370$1,884,821$18,803,308
12$34,418,474$12,697,790$1,979,062$19,741,621
13$36,139,397$13,334,532$2,078,015$20,726,850
14$37,946,368$14,003,111$2,181,916$21,761,340
15$39,843,686$14,705,119$2,291,012$22,847,555
16$41,835,870$15,442,227$2,405,563$23,988,081
17$43,927,663$16,216,190$2,525,841$25,185,632
18$46,124,047$17,028,852$2,652,133$26,443,062
19$48,430,249$17,882,147$2,784,739$27,763,362
20$50,851,761$18,778,107$2,923,976$29,149,678
21$53,394,349$19,718,864$3,070,175$30,605,310
22$56,064,067$20,706,660$3,223,684$32,133,723
23$58,867,270$21,743,845$3,384,868$33,738,557
24$61,810,633$22,832,889$3,554,111$35,423,632
25$64,901,165$23,976,386$3,731,817$37,192,962
26$68,146,224$25,177,058$3,918,408$39,050,758
27$71,553,535$26,437,763$4,114,328$41,001,444
28$75,131,211$27,761,503$4,320,045$43,049,663
29$78,887,772$29,151,431$4,536,047$45,200,294
30$82,832,161$30,610,855$4,762,849$47,458,457
Total$1,337,000,003$493,578,651$76,877,500$766,543,848

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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.