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Virginia Mega Millions Jackpot Annuity Payout Schedule for Sep 30, 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 $355,000,000 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, Sep 30, 2022
Jackpot:$355,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,343,259$1,939,961$307,237$3,096,061
2$5,610,422$2,038,811$322,599$3,249,012
3$5,890,943$2,142,604$338,729$3,409,610
4$6,185,491$2,251,587$355,666$3,578,239
5$6,494,765$2,366,018$373,449$3,755,298
6$6,819,503$2,486,171$392,121$3,941,211
7$7,160,479$2,612,332$411,728$4,136,419
8$7,518,503$2,744,801$432,314$4,341,388
9$7,894,428$2,883,893$453,930$4,556,605
10$8,289,149$3,029,940$476,626$4,782,583
11$8,703,607$3,183,289$500,457$5,019,860
12$9,138,787$3,344,306$525,480$5,269,001
13$9,595,726$3,513,374$551,754$5,530,598
14$10,075,513$3,690,895$579,342$5,805,276
15$10,579,288$3,877,292$608,309$6,093,688
16$11,108,253$4,073,009$638,725$6,396,520
17$11,663,665$4,278,511$670,661$6,714,493
18$12,246,849$4,494,289$704,194$7,048,366
19$12,859,191$4,720,856$739,403$7,398,932
20$13,502,151$4,958,751$776,374$7,767,026
21$14,177,258$5,208,540$815,192$8,153,525
22$14,886,121$5,470,820$855,952$8,559,349
23$15,630,427$5,746,213$898,750$8,985,464
24$16,411,948$6,035,376$943,687$9,432,885
25$17,232,546$6,338,997$990,871$9,902,677
26$18,094,173$6,657,799$1,040,415$10,395,959
27$18,998,882$6,992,541$1,092,436$10,913,905
28$19,948,826$7,344,020$1,147,057$11,457,748
29$20,946,267$7,713,074$1,204,410$12,028,783
30$21,993,581$8,100,580$1,264,631$12,628,370
Total$355,000,001$130,238,650$20,412,499$204,348,851

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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.