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Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 1, 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 $1,100,000,000 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, Aug 1, 2023
Jackpot:$1,100,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$16,556,579$6,084,122$952,003$9,520,453
2$17,384,408$6,390,419$999,603$9,994,386
3$18,253,628$6,712,030$1,049,584$10,492,014
4$19,166,310$7,049,722$1,102,063$11,014,525
5$20,124,624$7,404,299$1,157,166$11,563,160
6$21,130,856$7,776,604$1,215,024$12,139,227
7$22,187,399$8,167,525$1,275,775$12,744,098
8$23,296,769$8,577,992$1,339,564$13,379,213
9$24,461,608$9,008,983$1,406,542$14,046,083
10$25,684,688$9,461,522$1,476,870$14,746,296
11$26,968,922$9,936,689$1,550,713$15,481,520
12$28,317,368$10,435,614$1,628,249$16,253,506
13$29,733,237$10,959,485$1,709,661$17,064,090
14$31,219,899$11,509,550$1,795,144$17,915,204
15$32,780,893$12,087,118$1,884,901$18,808,874
16$34,419,938$12,693,565$1,979,146$19,747,227
17$36,140,935$13,330,334$2,078,104$20,732,497
18$37,947,982$13,998,941$2,182,009$21,767,032
19$39,845,380$14,700,978$2,291,109$22,853,292
20$41,837,650$15,438,118$2,405,665$23,993,867
21$43,929,532$16,212,115$2,525,948$25,191,469
22$46,126,009$17,024,811$2,652,245$26,448,952
23$48,432,309$17,878,142$2,784,858$27,769,309
24$50,853,924$18,774,140$2,924,101$29,155,684
25$53,396,620$19,714,937$3,070,306$30,611,377
26$56,066,452$20,702,775$3,223,821$32,139,856
27$58,869,775$21,740,004$3,385,012$33,744,758
28$61,813,263$22,829,095$3,554,263$35,429,905
29$64,903,926$23,972,640$3,731,976$37,199,310
30$68,149,123$25,173,363$3,918,575$39,057,185
Total$1,100,000,002$405,745,632$63,250,000$631,004,369

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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.