USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Jan 23, 2021

Media: You may freely use any information on this page, but you must credit usamega.com.

The tax information provided here is based on 2021 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 Powerball 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 $20,000,000 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 prize money, as well as deductions claimed.

State:

Virginia

Drawing Date:Sat, Jan 23, 2021
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$79,904$17,309$203,815
2$316,080$85,172$18,175$212,733
3$331,884$90,704$19,083$222,097
4$348,478$96,512$20,038$231,929
5$365,902$102,610$21,039$242,253
6$384,197$109,013$22,091$253,093
7$403,407$115,737$23,196$264,475
8$423,578$122,796$24,356$276,425
9$444,757$130,209$25,573$288,974
10$466,994$137,992$26,852$302,150
11$490,344$146,165$28,195$315,985
12$514,861$154,746$29,605$330,511
13$540,604$164,096$31,085$345,424
14$567,635$174,097$32,639$360,899
15$596,016$184,598$34,271$377,147
16$625,817$195,625$35,984$394,208
17$657,108$207,202$37,784$412,122
18$689,963$219,359$39,673$430,932
19$724,461$232,123$41,657$450,682
20$760,685$245,526$43,739$471,420
21$798,719$259,598$45,926$493,194
22$838,655$274,374$48,223$516,058
23$880,587$289,890$50,634$540,064
24$924,617$306,180$53,165$565,271
25$970,848$323,286$55,824$591,738
26$1,019,390$341,247$58,615$619,529
27$1,070,360$360,105$61,546$648,709
28$1,123,878$379,907$64,623$679,348
29$1,180,071$400,699$67,854$711,519
30$1,239,075$422,530$71,247$745,298
Total$20,000,000$6,352,002$1,150,001$12,498,002

◄ Back to Jackpot Analysis

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.