USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Jul 19, 1997

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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 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 $24,200,000 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:Sat, Jul 19, 1997
Jackpot:$24,200,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$431,488$121,396$24,811$285,282
2$448,748$127,437$25,803$295,508
3$466,698$133,719$26,835$306,144
4$485,366$140,253$27,909$317,204
5$504,780$147,048$29,025$328,708
6$524,972$154,115$30,186$340,671
7$545,970$161,464$31,393$353,113
8$567,809$169,108$32,649$366,052
9$590,522$177,057$33,955$379,509
10$614,143$185,420$35,313$393,409
11$638,708$194,510$36,726$407,473
12$664,257$203,963$38,195$422,099
13$690,827$213,794$39,723$437,311
14$718,460$224,018$41,311$453,131
15$747,198$234,651$42,964$469,583
16$777,086$245,710$44,682$486,694
17$808,170$257,211$46,470$504,489
18$840,496$269,171$48,329$522,996
19$874,116$281,611$50,262$542,244
20$909,081$294,548$52,272$562,261
21$945,444$308,002$54,363$583,079
22$983,262$321,995$56,538$604,730
23$1,022,592$336,547$58,799$627,246
24$1,063,496$351,681$61,151$650,664
25$1,106,036$367,421$63,597$675,018
26$1,150,277$383,790$66,141$700,346
27$1,196,289$400,815$68,787$726,687
28$1,244,140$418,520$71,538$754,082
29$1,293,906$436,933$74,400$782,573
30$1,345,662$456,083$77,376$812,204
Total$24,200,000$7,717,991$1,391,503$15,090,510

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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.