USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 15, 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 $36,000,000 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 15, 2023
Jackpot:$36,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$541,852$160,023$31,156$350,672
2$568,944$169,505$32,714$366,725
3$597,391$179,462$34,350$383,580
4$627,261$190,274$36,068$400,919
5$658,624$201,879$37,871$418,875
6$691,555$214,063$39,764$437,728
7$726,133$226,857$41,753$457,523
8$762,440$240,290$43,840$478,309
9$800,562$254,396$46,032$500,134
10$840,590$269,206$48,334$523,050
11$882,619$284,757$50,751$547,112
12$926,750$301,085$53,288$572,377
13$973,088$318,230$55,953$598,905
14$1,021,742$336,232$58,750$626,760
15$1,072,829$355,135$61,688$656,007
16$1,126,471$374,982$64,772$686,717
17$1,182,794$395,822$68,011$718,962
18$1,241,934$417,703$71,411$752,819
19$1,304,031$440,679$74,982$788,370
20$1,369,232$464,804$78,731$825,698
21$1,437,694$490,134$82,667$864,892
22$1,509,578$516,732$86,801$906,046
23$1,585,057$544,659$91,141$949,258
24$1,664,310$573,983$95,698$994,630
25$1,747,526$604,772$100,483$1,042,271
26$1,834,902$637,102$105,507$1,092,294
27$1,926,647$671,047$110,782$1,144,818
28$2,022,980$706,690$116,321$1,199,968
29$2,124,128$744,115$122,137$1,257,876
30$2,230,335$783,412$128,244$1,318,679
Total$36,000,000$12,068,030$2,070,000$21,861,974

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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.