USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Jul 12, 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 $203,000,000 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, Jul 12, 2024
Jackpot:$203,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,055,441$1,088,701$175,688$1,791,052
2$3,208,213$1,145,227$184,472$1,878,514
3$3,368,624$1,204,579$193,696$1,970,350
4$3,537,055$1,266,898$203,381$2,066,776
5$3,713,908$1,332,334$213,550$2,168,025
6$3,899,603$1,401,041$224,227$2,274,335
7$4,094,584$1,473,184$235,439$2,385,961
8$4,299,313$1,548,934$247,210$2,503,169
9$4,514,278$1,628,471$259,571$2,626,237
10$4,739,992$1,711,985$272,550$2,755,458
11$4,976,992$1,799,675$286,177$2,891,140
12$5,225,842$1,891,749$300,486$3,033,607
13$5,487,134$1,988,427$315,510$3,183,196
14$5,761,490$2,089,939$331,286$3,340,265
15$6,049,565$2,196,527$347,850$3,505,188
16$6,352,043$2,308,444$365,242$3,678,357
17$6,669,645$2,425,956$383,505$3,860,184
18$7,003,127$2,549,345$402,680$4,051,103
19$7,353,284$2,678,903$422,814$4,251,567
20$7,720,948$2,814,939$443,955$4,462,055
21$8,106,995$2,957,776$466,152$4,683,067
22$8,512,345$3,107,755$489,460$4,915,130
23$8,937,963$3,265,234$513,933$5,158,796
24$9,384,861$3,430,586$539,629$5,414,645
25$9,854,104$3,604,206$566,611$5,683,287
26$10,346,809$3,786,507$594,942$5,965,360
27$10,864,149$3,977,923$624,689$6,261,538
28$11,407,357$4,178,910$655,923$6,572,524
29$11,977,725$4,389,946$688,719$6,899,060
30$12,576,611$4,611,534$723,155$7,241,922
Total$203,000,000$73,855,635$11,672,502$117,471,868

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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.