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Virginia Mega Millions Jackpot Annuity Payout Schedule for Jul 7, 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 $450,000,000 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 7, 2023
Jackpot:$450,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,773,146$2,464,252$389,456$3,919,438
2$7,111,803$2,589,555$408,929$4,113,320
3$7,467,393$2,721,123$429,375$4,316,895
4$7,840,763$2,859,270$450,844$4,530,649
5$8,232,801$3,004,324$473,386$4,755,091
6$8,644,441$3,156,631$497,055$4,990,755
7$9,076,663$3,316,553$521,908$5,238,202
8$9,530,496$3,484,471$548,004$5,498,021
9$10,007,021$3,660,786$575,404$5,770,832
10$10,507,372$3,845,915$604,174$6,057,283
11$11,032,741$4,040,302$634,383$6,358,056
12$11,584,378$4,244,408$666,102$6,673,869
13$12,163,597$4,458,719$699,407$7,005,471
14$12,771,777$4,683,745$734,377$7,353,654
15$13,410,365$4,920,023$771,096$7,719,246
16$14,080,884$5,168,115$809,651$8,103,118
17$14,784,928$5,428,611$850,133$8,506,183
18$15,524,174$5,702,132$892,640$8,929,402
19$16,300,383$5,989,329$937,272$9,373,781
20$17,115,402$6,290,887$984,136$9,840,380
21$17,971,172$6,607,521$1,033,342$10,330,308
22$18,869,731$6,939,988$1,085,010$10,844,733
23$19,813,217$7,289,078$1,139,260$11,384,879
24$20,803,878$7,655,623$1,196,223$11,952,032
25$21,844,072$8,040,494$1,256,034$12,547,543
26$22,936,276$8,444,610$1,318,836$13,172,830
27$24,083,090$8,868,931$1,384,778$13,829,381
28$25,287,244$9,314,468$1,454,017$14,518,759
29$26,551,606$9,782,282$1,526,717$15,242,607
30$27,879,187$10,273,487$1,603,053$16,002,647
Total$450,000,001$165,245,633$25,875,002$258,879,365

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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.