USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Jul 25, 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 $820,000,000 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, Jul 25, 2023
Jackpot:$820,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$12,342,177$4,524,793$709,675$7,107,708
2$12,959,286$4,753,123$745,159$7,461,003
3$13,607,250$4,992,870$782,417$7,831,963
4$14,287,613$5,244,604$821,538$8,221,471
5$15,001,993$5,508,925$862,615$8,630,453
6$15,752,093$5,786,462$905,745$9,059,885
7$16,539,698$6,077,876$951,033$9,510,789
8$17,366,682$6,383,860$998,584$9,984,238
9$18,235,017$6,705,144$1,048,513$10,481,359
10$19,146,767$7,042,492$1,100,939$11,003,336
11$20,104,106$7,396,707$1,155,986$11,551,413
12$21,109,311$7,768,633$1,213,785$12,126,893
13$22,164,776$8,159,155$1,274,475$12,731,147
14$23,273,015$8,569,203$1,338,198$13,365,614
15$24,436,666$8,999,754$1,405,108$14,031,803
16$25,658,499$9,451,833$1,475,364$14,731,303
17$26,941,424$9,926,515$1,549,132$15,465,777
18$28,288,495$10,424,931$1,626,588$16,236,976
19$29,702,920$10,948,268$1,707,918$17,046,734
20$31,188,066$11,497,772$1,793,314$17,896,980
21$32,747,469$12,074,751$1,882,979$18,789,738
22$34,384,843$12,680,580$1,977,128$19,727,135
23$36,104,085$13,316,699$2,075,985$20,711,401
24$37,909,289$13,984,625$2,179,784$21,744,880
25$39,804,753$14,685,946$2,288,773$22,830,033
26$41,794,992$15,422,335$2,403,212$23,969,445
27$43,884,741$16,195,542$2,523,373$25,165,827
28$46,078,978$17,007,409$2,649,541$26,422,027
29$48,382,927$17,859,871$2,782,018$27,741,038
30$50,802,073$18,754,955$2,921,119$29,125,999
Total$820,000,002$302,145,633$47,149,998$470,704,368

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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.