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Powerball Annuity Jackpot Analysis for Virginia

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $127,000,000 would be for a resident of 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Virginia

Drawing Date:  Sat, Oct 31, 2020
Jackpot:$127,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$458,768$76,461$1,376,303
2$2,007,109$481,706$80,284$1,445,118
3$2,107,464$505,791$84,299$1,517,374
4$2,212,838$531,081$88,514$1,593,243
5$2,323,479$557,635$92,939$1,672,905
6$2,439,653$585,517$97,586$1,756,550
7$2,561,636$614,793$102,465$1,844,378
8$2,689,718$645,532$107,589$1,936,597
9$2,824,204$677,809$112,968$2,033,427
10$2,965,414$711,699$118,617$2,135,098
11$3,113,685$747,284$124,547$2,241,853
12$3,269,369$784,649$130,775$2,353,946
13$3,432,837$823,881$137,313$2,471,643
14$3,604,479$865,075$144,179$2,595,225
15$3,784,703$908,329$151,388$2,724,986
16$3,973,938$953,745$158,958$2,861,236
17$4,172,635$1,001,432$166,905$3,004,297
18$4,381,267$1,051,504$175,251$3,154,512
19$4,600,330$1,104,079$184,013$3,312,238
20$4,830,347$1,159,283$193,214$3,477,850
21$5,071,864$1,217,247$202,875$3,651,742
22$5,325,457$1,278,110$213,018$3,834,329
23$5,591,730$1,342,015$223,669$4,026,046
24$5,871,317$1,409,116$234,853$4,227,348
25$6,164,883$1,479,572$246,595$4,438,715
26$6,473,127$1,553,550$258,925$4,660,651
27$6,796,783$1,631,228$271,871$4,893,684
28$7,136,622$1,712,789$285,465$5,138,368
29$7,493,453$1,798,429$299,738$5,395,286
30$7,868,126$1,888,350$314,725$5,665,051
Total$127,000,000$30,480,000$5,080,000$91,440,000
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