USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Jan 31, 2023

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The tax information provided here is based on 2025 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 $31,000,000 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:Tue, Jan 31, 2023
Jackpot:$31,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$132,855$26,829$306,910
2$489,924$141,021$28,171$320,733
3$514,420$149,594$29,579$335,247
4$540,141$158,597$31,058$350,487
5$567,149$168,049$32,611$366,488
6$595,506$177,974$34,242$383,290
7$625,281$188,396$35,954$400,932
8$656,545$199,942$37,751$418,852
9$689,373$212,088$39,639$437,646
10$723,841$224,841$41,621$457,379
11$760,033$238,233$43,702$478,099
12$798,035$252,293$45,887$499,855
13$837,937$267,057$48,181$522,698
14$879,834$282,559$50,590$546,684
15$923,825$298,836$53,120$571,870
16$970,016$315,926$55,776$598,314
17$1,018,517$333,872$58,565$626,081
18$1,069,443$352,714$61,493$655,236
19$1,122,915$372,499$64,568$685,849
20$1,179,061$393,273$67,796$717,992
21$1,238,014$415,085$71,186$751,743
22$1,299,915$437,989$74,745$787,181
23$1,364,911$462,037$78,482$824,391
24$1,433,156$487,288$82,406$863,462
25$1,504,814$513,801$86,527$904,486
26$1,580,055$541,640$90,853$947,561
27$1,659,057$570,871$95,396$992,790
28$1,742,010$601,564$100,166$1,040,281
29$1,829,111$633,791$105,174$1,090,146
30$1,920,566$667,630$110,433$1,142,504
Total$31,000,000$10,192,315$1,782,501$19,025,187

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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.