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Virginia Mega Millions Jackpot Annuity Payout Schedule for Aug 20, 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 $498,000,000 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 20, 2024
Jackpot:$498,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,495,615$2,731,565$430,998$4,333,052
2$7,870,395$2,870,234$452,548$4,547,614
3$8,263,915$3,015,836$475,175$4,772,904
4$8,677,111$3,168,719$498,934$5,009,458
5$9,110,966$3,329,245$523,881$5,257,840
6$9,566,515$3,497,798$550,075$5,518,642
7$10,044,841$3,674,779$577,578$5,792,484
8$10,547,083$3,860,608$606,457$6,080,017
9$11,074,437$4,055,729$636,780$6,381,927
10$11,628,159$4,260,606$668,619$6,698,933
11$12,209,567$4,475,727$702,050$7,031,789
12$12,820,045$4,701,604$737,153$7,381,288
13$13,461,047$4,938,775$774,010$7,748,262
14$14,134,100$5,187,805$812,711$8,133,584
15$14,840,804$5,449,285$853,346$8,538,173
16$15,582,845$5,723,840$896,014$8,962,991
17$16,361,987$6,012,123$940,814$9,409,050
18$17,180,086$6,314,820$987,855$9,877,412
19$18,039,090$6,632,651$1,037,248$10,369,191
20$18,941,045$6,966,374$1,089,110$10,885,561
21$19,888,097$7,316,784$1,143,566$11,427,748
22$20,882,502$7,684,714$1,200,744$11,997,045
23$21,926,627$8,071,040$1,260,781$12,594,806
24$23,022,958$8,476,682$1,323,820$13,222,456
25$24,174,106$8,902,607$1,390,011$13,881,488
26$25,382,812$9,349,828$1,459,512$14,573,472
27$26,651,953$9,819,410$1,532,487$15,300,055
28$27,984,550$10,312,471$1,609,112$16,062,967
29$29,383,777$10,830,185$1,689,567$16,864,025
30$30,852,967$11,373,785$1,774,046$17,705,136
Total$498,000,001$183,005,629$28,635,002$286,359,370

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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.