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Virginia Mega Millions Jackpot Annuity Payout Schedule for Jul 21, 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 $720,000,000 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:Fri, Jul 21, 2023
Jackpot:$720,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,837,033$3,967,890$623,129$6,246,014
2$11,378,885$4,168,375$654,286$6,556,224
3$11,947,829$4,378,884$687,000$6,881,944
4$12,545,221$4,599,920$721,350$7,223,951
5$13,172,481$4,832,006$757,418$7,583,058
6$13,831,106$5,075,697$795,289$7,960,120
7$14,522,661$5,331,572$835,053$8,356,036
8$15,248,794$5,600,242$876,806$8,771,747
9$16,011,234$5,882,344$920,646$9,208,244
10$16,811,796$6,178,552$966,678$9,666,565
11$17,652,385$6,489,570$1,015,012$10,147,803
12$18,535,005$6,816,139$1,065,763$10,653,102
13$19,461,755$7,159,037$1,119,051$11,183,667
14$20,434,843$7,519,080$1,175,003$11,740,760
15$21,456,585$7,897,124$1,233,754$12,325,707
16$22,529,414$8,294,071$1,295,441$12,939,902
17$23,655,884$8,710,865$1,360,213$13,584,806
18$24,838,679$9,148,499$1,428,224$14,261,956
19$26,080,613$9,608,014$1,499,635$14,972,963
20$27,384,643$10,090,506$1,574,617$15,719,521
21$28,753,875$10,597,122$1,653,348$16,503,406
22$30,191,569$11,129,068$1,736,015$17,326,486
23$31,701,148$11,687,612$1,822,816$18,190,719
24$33,286,205$12,274,084$1,913,957$19,098,164
25$34,950,515$12,889,878$2,009,655$20,050,982
26$36,698,041$13,536,463$2,110,137$21,051,441
27$38,532,943$14,215,377$2,215,644$22,101,922
28$40,459,590$14,928,236$2,326,426$23,204,928
29$42,482,570$15,676,739$2,442,748$24,363,083
30$44,606,699$16,462,666$2,564,885$25,579,147
Total$720,000,001$265,145,632$41,399,999$413,454,368

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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.