USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Jun 13, 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 $260,000,000 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, Jun 13, 2023
Jackpot:$260,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,913,373$1,406,136$225,019$2,282,218
2$4,109,042$1,478,533$236,270$2,394,239
3$4,314,494$1,554,550$248,083$2,511,860
4$4,530,219$1,634,369$260,488$2,635,362
5$4,756,729$1,718,178$273,512$2,765,040
6$4,994,566$1,806,177$287,188$2,901,201
7$5,244,294$1,898,577$301,547$3,044,171
8$5,506,509$1,995,596$316,624$3,194,289
9$5,781,835$2,097,467$332,455$3,351,913
10$6,070,926$2,204,430$349,078$3,517,417
11$6,374,473$2,316,743$366,532$3,691,198
12$6,693,196$2,434,670$384,859$3,873,667
13$7,027,856$2,558,494$404,102$4,065,260
14$7,379,249$2,688,510$424,307$4,266,432
15$7,748,211$2,825,026$445,522$4,477,663
16$8,135,622$2,968,368$467,798$4,699,456
17$8,542,403$3,118,877$491,188$4,932,338
18$8,969,523$3,276,911$515,748$5,176,864
19$9,417,999$3,442,847$541,535$5,433,617
20$9,888,899$3,617,080$568,612$5,703,207
21$10,383,344$3,800,025$597,042$5,986,277
22$10,902,511$3,992,117$626,894$6,283,500
23$11,447,637$4,193,813$658,239$6,595,584
24$12,020,018$4,405,595$691,151$6,923,273
25$12,621,019$4,627,965$725,709$7,267,346
26$13,252,071$4,861,454$761,994$7,628,623
27$13,914,674$5,106,617$800,094$8,007,963
28$14,610,408$5,364,039$840,098$8,406,271
29$15,340,928$5,634,331$882,103$8,824,493
30$16,107,974$5,918,138$926,209$9,263,628
Total$260,000,001$94,945,633$14,950,000$150,104,370

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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.