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Virginia Mega Millions Jackpot Annuity Payout Schedule for Jan 23, 2024

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The tax information provided here is based on 2025 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 $262,000,000 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, Jan 23, 2024
Jackpot:$262,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,943,476$1,416,106$226,750$2,300,620
2$4,140,650$1,489,061$238,087$2,413,502
3$4,347,682$1,565,663$249,992$2,532,028
4$4,565,067$1,646,095$262,491$2,656,480
5$4,793,320$1,730,549$275,616$2,787,155
6$5,032,986$1,819,225$289,397$2,924,364
7$5,284,635$1,912,335$303,867$3,068,433
8$5,548,867$2,010,101$319,060$3,219,706
9$5,826,310$2,112,755$335,013$3,378,542
10$6,117,626$2,220,542$351,763$3,545,320
11$6,423,507$2,333,718$369,352$3,720,437
12$6,744,682$2,452,553$387,819$3,904,310
13$7,081,916$2,577,329$407,210$4,097,377
14$7,436,012$2,708,345$427,571$4,300,097
15$7,807,813$2,845,911$448,949$4,512,953
16$8,198,203$2,990,356$471,397$4,736,451
17$8,608,113$3,142,022$494,967$4,971,125
18$9,038,519$3,301,272$519,715$5,217,532
19$9,490,445$3,468,485$545,701$5,476,260
20$9,964,967$3,644,058$572,986$5,747,924
21$10,463,216$3,828,410$601,635$6,033,171
22$10,986,377$4,021,980$631,717$6,332,680
23$11,535,695$4,225,228$663,302$6,647,165
24$12,112,480$4,438,638$696,468$6,977,375
25$12,718,104$4,662,719$731,291$7,324,094
26$13,354,010$4,898,004$767,856$7,688,150
27$14,021,710$5,145,053$806,248$8,070,409
28$14,722,795$5,404,454$846,561$8,471,780
29$15,458,935$5,676,826$888,889$8,893,220
30$16,231,882$5,962,817$933,333$9,335,732
Total$262,000,001$95,650,610$15,065,003$151,284,392

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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.