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Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 29, 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 $67,000,000 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 29, 2023
Jackpot:$67,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$331,313$57,986$619,148
2$1,058,868$349,969$60,885$648,014
3$1,111,812$369,558$63,929$678,325
4$1,167,403$390,127$67,126$710,150
5$1,225,773$411,724$70,482$743,567
6$1,287,061$434,400$74,006$778,655
7$1,351,414$458,211$77,706$815,497
8$1,418,985$483,212$81,592$854,181
9$1,489,934$509,463$85,671$894,800
10$1,564,431$537,027$89,955$937,449
11$1,642,653$565,969$94,453$982,231
12$1,724,785$596,358$99,175$1,029,252
13$1,811,024$628,267$104,134$1,078,624
14$1,901,576$661,771$109,341$1,130,464
15$1,996,654$696,950$114,808$1,184,897
16$2,096,487$733,888$120,548$1,242,051
17$2,201,311$772,673$126,575$1,302,063
18$2,311,377$813,397$132,904$1,365,076
19$2,426,946$856,158$139,549$1,431,239
20$2,548,293$901,056$146,527$1,500,710
21$2,675,708$948,200$153,853$1,573,655
22$2,809,493$997,700$161,546$1,650,247
23$2,949,968$1,049,676$169,623$1,730,669
24$3,097,466$1,104,250$178,104$1,815,112
25$3,252,340$1,161,553$187,010$1,903,777
26$3,414,957$1,221,722$196,360$1,996,875
27$3,585,704$1,284,898$206,178$2,094,628
28$3,764,990$1,351,234$216,487$2,197,269
29$3,953,239$1,420,886$227,311$2,305,042
30$4,150,901$1,494,021$238,677$2,418,203
Total$67,000,000$23,535,631$3,852,501$39,611,870

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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.