USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 11, 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 $20,000,000 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, Aug 11, 2023
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$17,309$207,985
2$316,080$81,003$18,175$216,903
3$331,884$86,534$19,083$226,267
4$348,478$92,342$20,038$236,099
5$365,902$98,441$21,039$246,422
6$384,197$104,844$22,091$257,262
7$403,407$111,567$23,196$268,644
8$423,578$118,627$24,356$280,595
9$444,757$126,040$25,573$293,143
10$466,994$133,823$26,852$306,319
11$490,344$141,995$28,195$320,154
12$514,861$150,576$29,605$334,681
13$540,604$159,586$31,085$349,933
14$567,635$169,047$32,639$365,949
15$596,016$178,980$34,271$382,765
16$625,817$189,740$35,984$400,093
17$657,108$201,318$37,784$418,007
18$689,963$213,474$39,673$436,816
19$724,461$226,238$41,657$456,566
20$760,685$239,641$43,739$477,304
21$798,719$253,714$45,926$499,079
22$838,655$268,490$48,223$521,942
23$880,587$284,005$50,634$545,949
24$924,617$300,296$53,165$571,155
25$970,848$317,401$55,824$597,623
26$1,019,390$335,362$58,615$625,413
27$1,070,360$354,221$61,546$654,593
28$1,123,878$374,022$64,623$685,232
29$1,180,071$394,814$67,854$717,403
30$1,239,075$416,645$71,247$751,183
Total$20,000,000$6,198,521$1,150,001$12,651,479

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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.