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Virginia Mega Millions Jackpot Annuity Payout Schedule for Jul 28, 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 $940,000,000 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 28, 2023
Jackpot:$940,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$14,148,349$5,191,909$813,530$8,142,909
2$14,855,767$5,453,654$854,207$8,547,906
3$15,598,555$5,728,485$896,917$8,973,152
4$16,378,483$6,017,059$941,763$9,419,661
5$17,197,406$6,320,061$988,851$9,888,495
6$18,057,277$6,638,213$1,038,293$10,380,771
7$18,960,141$6,972,273$1,090,208$10,897,661
8$19,908,148$7,323,035$1,144,719$11,440,395
9$20,903,556$7,691,336$1,201,954$12,010,265
10$21,948,733$8,078,051$1,262,052$12,608,629
11$23,046,170$8,484,103$1,325,155$13,236,912
12$24,198,478$8,910,457$1,391,413$13,896,609
13$25,408,402$9,358,129$1,460,983$14,589,290
14$26,678,822$9,828,185$1,534,032$15,316,606
15$28,012,763$10,321,743$1,610,734$16,080,287
16$29,413,402$10,839,979$1,691,271$16,882,152
17$30,884,071$11,384,127$1,775,834$17,724,111
18$32,428,275$11,955,482$1,864,626$18,608,167
19$34,049,689$12,555,405$1,957,857$19,536,426
20$35,752,173$13,185,324$2,055,750$20,511,099
21$37,539,782$13,846,739$2,158,537$21,534,505
22$39,416,771$14,541,225$2,266,464$22,609,081
23$41,387,610$15,270,436$2,379,788$23,737,386
24$43,456,990$16,036,106$2,498,777$24,922,106
25$45,629,839$16,840,061$2,623,716$26,166,063
26$47,911,332$17,684,213$2,754,902$27,472,217
27$50,306,898$18,570,573$2,892,647$28,843,679
28$52,822,243$19,501,250$3,037,279$30,283,714
29$55,463,355$20,478,462$3,189,143$31,795,750
30$58,236,523$21,504,534$3,348,600$33,383,389
Total$940,000,002$346,510,609$54,050,002$539,439,393

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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.