USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Sep 25, 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 $14,000,000 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, Sep 25, 2002
Jackpot:$14,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$249,621$57,742$14,353$177,526
2$259,606$61,237$14,927$183,442
3$269,990$64,871$15,524$189,595
4$280,790$68,651$16,145$195,993
5$292,022$72,582$16,791$202,648
6$303,703$76,671$17,463$209,569
7$315,851$80,922$18,161$216,767
8$328,485$85,344$18,888$224,252
9$341,624$89,943$19,643$232,038
10$355,289$94,726$20,429$240,134
11$369,501$99,700$21,246$248,554
12$384,281$104,873$22,096$257,312
13$399,652$110,253$22,980$266,419
14$415,638$115,848$23,899$275,891
15$432,263$121,667$24,855$285,741
16$449,554$127,719$25,849$295,986
17$467,536$134,012$26,883$306,640
18$486,238$140,558$27,959$317,721
19$505,687$147,365$29,077$329,245
20$525,915$154,445$30,240$341,230
21$546,951$161,808$31,450$353,694
22$568,829$169,465$32,708$366,657
23$591,582$177,429$34,016$380,138
24$615,246$185,829$35,377$394,040
25$639,856$194,934$36,792$408,130
26$665,450$204,404$38,263$422,782
27$692,068$214,253$39,794$438,021
28$719,750$224,495$41,386$453,869
29$748,540$235,148$43,041$470,352
30$778,482$246,226$44,763$487,493
Total$14,000,000$4,023,120$804,998$9,171,879

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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.