USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Jul 17, 2002

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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 $35,000,000 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:Wed, Jul 17, 2002
Jackpot:$35,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$624,053$189,088$35,883$399,083
2$649,016$198,324$37,318$413,374
3$674,976$207,929$38,811$428,236
4$701,975$217,919$40,364$443,693
5$730,054$228,308$41,978$459,768
6$759,256$239,113$43,657$476,487
7$789,627$250,350$45,404$493,874
8$821,212$262,036$47,220$511,956
9$854,060$274,190$49,108$530,762
10$888,223$286,830$51,073$550,320
11$923,752$299,976$53,116$570,660
12$960,702$313,647$55,240$591,814
13$999,130$327,866$57,450$613,814
14$1,039,095$342,653$59,748$636,694
15$1,080,659$358,031$62,138$660,489
16$1,123,885$374,025$64,623$685,236
17$1,168,840$390,659$67,208$710,973
18$1,215,594$407,958$69,897$737,740
19$1,264,218$425,948$72,693$765,577
20$1,314,787$444,659$75,600$794,528
21$1,367,378$464,118$78,624$824,636
22$1,422,073$484,355$81,769$855,949
23$1,478,956$505,401$85,040$888,515
24$1,538,114$527,290$88,442$922,383
25$1,599,639$550,054$91,979$957,605
26$1,663,624$573,729$95,658$994,237
27$1,730,169$598,350$99,485$1,032,334
28$1,799,376$623,957$103,464$1,071,955
29$1,871,351$650,588$107,603$1,113,161
30$1,946,205$678,284$111,907$1,156,015
Total$35,000,000$11,695,635$2,012,500$21,291,868

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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.