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Virginia Mega Millions Jackpot Annuity Payout Schedule for Oct 3, 2023

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The tax information provided here is based on 2024 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 $315,000,000 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, Oct 3, 2023
Jackpot:$315,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,741,202$1,712,432$272,619$2,756,150
2$4,978,262$1,800,145$286,250$2,891,867
3$5,227,175$1,892,243$300,563$3,034,370
4$5,488,534$1,988,945$315,591$3,183,998
5$5,762,961$2,090,483$331,370$3,341,107
6$6,051,109$2,197,098$347,939$3,506,072
7$6,353,664$2,309,044$365,336$3,679,285
8$6,671,348$2,426,586$383,602$3,861,159
9$7,004,915$2,550,006$402,783$4,052,126
10$7,355,161$2,679,597$422,922$4,252,642
11$7,722,919$2,815,668$444,068$4,463,183
12$8,109,065$2,958,542$466,271$4,684,252
13$8,514,518$3,108,559$489,585$4,916,374
14$8,940,244$3,266,078$514,064$5,160,102
15$9,387,256$3,431,472$539,767$5,416,016
16$9,856,619$3,605,137$566,756$5,684,726
17$10,349,449$3,787,484$595,093$5,966,872
18$10,866,922$3,978,949$624,848$6,263,125
19$11,410,268$4,179,987$656,090$6,574,191
20$11,980,782$4,391,077$688,895$6,900,810
21$12,579,820$4,612,721$723,340$7,243,759
22$13,208,812$4,845,448$759,507$7,603,857
23$13,869,252$5,089,811$797,482$7,981,959
24$14,562,715$5,346,392$837,356$8,378,966
25$15,290,850$5,615,802$879,224$8,795,824
26$16,055,393$5,898,683$923,185$9,233,525
27$16,858,163$6,195,708$969,344$9,693,110
28$17,701,071$6,507,584$1,017,812$10,175,675
29$18,586,124$6,835,054$1,068,702$10,682,368
30$19,515,431$7,178,897$1,122,137$11,214,396
Total$315,000,001$115,295,632$18,112,501$181,591,866

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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.