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West Virginia Mega Millions Jackpot Annuity Payout Schedule for Jul 21, 2023

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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 $720,000,000 for a ticket purchased in West 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:

West Virginia

Drawing Date:Fri, Jul 21, 2023
Jackpot:$720,000,000
Federal Tax:37% marginal rate
State Tax: 6.5%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,837,033$3,967,890$704,407$6,164,736
2$11,378,885$4,168,375$739,628$6,470,882
3$11,947,829$4,378,884$776,609$6,792,336
4$12,545,221$4,599,920$815,439$7,129,862
5$13,172,481$4,832,006$856,211$7,484,264
6$13,831,106$5,075,697$899,022$7,856,387
7$14,522,661$5,331,572$943,973$8,247,116
8$15,248,794$5,600,242$991,172$8,657,381
9$16,011,234$5,882,344$1,040,730$9,088,159
10$16,811,796$6,178,552$1,092,767$9,540,477
11$17,652,385$6,489,570$1,147,405$10,015,410
12$18,535,005$6,816,139$1,204,775$10,514,090
13$19,461,755$7,159,037$1,265,014$11,037,704
14$20,434,843$7,519,080$1,328,265$11,587,498
15$21,456,585$7,897,124$1,394,678$12,164,783
16$22,529,414$8,294,071$1,464,412$12,770,931
17$23,655,884$8,710,865$1,537,632$13,407,387
18$24,838,679$9,148,499$1,614,514$14,075,666
19$26,080,613$9,608,014$1,695,240$14,777,358
20$27,384,643$10,090,506$1,780,002$15,514,136
21$28,753,875$10,597,122$1,869,002$16,287,752
22$30,191,569$11,129,068$1,962,452$17,100,049
23$31,701,148$11,687,612$2,060,575$17,952,961
24$33,286,205$12,274,084$2,163,603$18,848,518
25$34,950,515$12,889,878$2,271,783$19,788,853
26$36,698,041$13,536,463$2,385,373$20,776,206
27$38,532,943$14,215,377$2,504,641$21,812,925
28$40,459,590$14,928,236$2,629,873$22,901,481
29$42,482,570$15,676,739$2,761,367$24,044,464
30$44,606,699$16,462,666$2,899,435$25,244,597
Total$720,000,001$265,145,632$46,799,999$408,054,369

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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.