USA Mega

Virginia Mega Millions Jackpot Annuity Payout Schedule for Jul 2, 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 $137,000,000 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, Jul 2, 2024
Jackpot:$137,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,062,047$721,145$118,568$1,222,334
2$2,165,149$759,293$124,496$1,281,360
3$2,273,406$799,348$130,721$1,343,337
4$2,387,077$841,406$137,257$1,408,414
5$2,506,430$885,567$144,120$1,476,744
6$2,631,752$931,936$151,326$1,548,490
7$2,763,340$980,623$158,892$1,623,824
8$2,901,507$1,031,745$166,837$1,702,925
9$3,046,582$1,085,423$175,178$1,785,980
10$3,198,911$1,141,785$183,937$1,873,189
11$3,358,857$1,200,965$193,134$1,964,758
12$3,526,799$1,263,104$202,791$2,060,905
13$3,703,139$1,328,349$212,931$2,161,860
14$3,888,296$1,396,857$223,577$2,267,862
15$4,082,711$1,468,791$234,756$2,379,164
16$4,286,847$1,544,321$246,494$2,496,032
17$4,501,189$1,623,628$258,818$2,618,743
18$4,726,249$1,706,900$271,759$2,747,590
19$4,962,561$1,794,335$285,347$2,882,878
20$5,210,689$1,886,143$299,615$3,024,932
21$5,471,224$1,982,540$314,595$3,174,088
22$5,744,785$2,083,758$330,325$3,330,701
23$6,032,024$2,190,037$346,841$3,495,146
24$6,333,625$2,301,629$364,183$3,667,813
25$6,650,306$2,418,801$382,393$3,849,113
26$6,982,822$2,541,832$401,512$4,039,478
27$7,331,963$2,671,014$421,588$4,239,361
28$7,698,561$2,806,655$442,667$4,449,238
29$8,083,489$2,949,079$464,801$4,669,610
30$8,487,663$3,098,623$488,041$4,901,000
Total$137,000,000$49,435,632$7,877,500$79,686,869

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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.