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Virginia Mega Millions Jackpot Annuity Payout Schedule for Oct 4, 2024

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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 $108,000,000 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, Oct 4, 2024
Jackpot:$108,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,625,555$559,643$93,469$972,442
2$1,706,833$589,716$98,143$1,018,974
3$1,792,174$621,292$103,050$1,067,832
4$1,881,783$654,448$108,203$1,119,133
5$1,975,872$689,260$113,613$1,172,999
6$2,074,666$725,814$119,293$1,229,558
7$2,178,399$764,195$125,258$1,288,946
8$2,287,319$804,496$131,521$1,351,302
9$2,401,685$846,811$138,097$1,416,777
10$2,521,769$891,242$145,002$1,485,525
11$2,647,858$937,895$152,252$1,557,711
12$2,780,251$986,881$159,864$1,633,506
13$2,919,263$1,038,315$167,858$1,713,090
14$3,065,226$1,092,322$176,251$1,796,654
15$3,218,488$1,149,028$185,063$1,884,396
16$3,379,412$1,208,570$194,316$1,976,526
17$3,548,383$1,271,089$204,032$2,073,261
18$3,725,802$1,336,734$214,234$2,174,834
19$3,912,092$1,405,662$224,945$2,281,485
20$4,107,697$1,478,035$236,193$2,393,469
21$4,313,081$1,554,028$248,002$2,511,051
22$4,528,735$1,633,820$260,402$2,634,513
23$4,755,172$1,717,601$273,422$2,764,148
24$4,992,931$1,805,572$287,094$2,900,265
25$5,242,577$1,897,941$301,448$3,043,188
26$5,504,706$1,994,929$316,521$3,193,257
27$5,779,942$2,096,766$332,347$3,350,829
28$6,068,939$2,203,695$348,964$3,516,280
29$6,372,385$2,315,970$366,412$3,690,003
30$6,691,005$2,433,860$384,733$3,872,412
Total$108,000,000$38,705,630$6,210,002$63,084,366

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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.