USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Jul 27, 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 $12,000,000 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:Sat, Jul 27, 2002
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$213,961$46,154$12,303$155,504
2$222,520$48,893$12,795$160,832
3$231,420$51,741$13,307$166,373
4$240,677$54,703$13,839$172,135
5$250,304$57,981$14,392$177,931
6$260,317$61,486$14,968$183,863
7$270,729$65,130$15,567$190,032
8$281,558$68,920$16,190$196,449
9$292,821$72,862$16,837$203,121
10$304,533$76,961$17,511$210,061
11$316,715$81,225$18,211$217,279
12$329,383$85,659$18,940$224,785
13$342,559$90,270$19,697$232,591
14$356,261$95,066$20,485$240,710
15$370,512$100,054$21,304$249,153
16$385,332$105,241$22,157$257,934
17$400,745$110,636$23,043$267,067
18$416,775$116,246$23,965$276,565
19$433,446$122,081$24,923$286,442
20$450,784$128,149$25,920$296,715
21$468,815$134,460$26,957$307,398
22$487,568$141,024$28,035$318,509
23$507,071$147,849$29,157$330,065
24$527,353$154,948$30,323$342,082
25$548,448$162,331$31,536$354,580
26$570,386$170,010$32,797$367,579
27$593,201$177,995$34,109$381,097
28$616,929$186,451$35,473$395,004
29$641,606$195,582$36,892$409,132
30$667,270$205,078$38,368$423,825
Total$12,000,000$3,315,186$690,001$7,994,813

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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.