USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Aug 13, 2005

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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 $10,000,000 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, Aug 13, 2005
Jackpot:$10,000,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$178,301$35,835$10,252$132,214
2$185,433$37,546$10,662$137,224
3$192,850$39,399$11,089$142,363
4$200,564$41,867$11,532$147,165
5$208,587$44,434$11,994$152,159
6$216,930$47,104$12,473$157,353
7$225,608$49,881$12,972$162,754
8$234,632$52,769$13,491$168,372
9$244,017$55,781$14,031$174,205
10$253,778$59,197$14,592$179,989
11$263,929$62,750$15,176$186,003
12$274,486$66,445$15,783$192,258
13$285,466$70,288$16,414$198,764
14$296,884$74,284$17,071$205,529
15$308,760$78,441$17,754$212,565
16$321,110$82,763$18,464$219,883
17$333,954$87,259$19,202$227,493
18$347,313$91,934$19,970$235,408
19$361,205$96,797$20,769$243,639
20$375,653$101,853$21,600$252,200
21$390,679$107,113$22,464$261,103
22$406,307$112,582$23,363$270,362
23$422,559$118,270$24,297$279,991
24$439,461$124,186$25,269$290,006
25$457,040$130,339$26,280$300,421
26$475,321$136,737$27,331$311,253
27$494,334$143,392$28,424$322,518
28$514,107$150,312$29,561$334,234
29$534,672$157,510$30,744$346,418
30$556,059$164,995$31,973$359,090
Total$10,000,000$2,622,063$574,997$6,802,936

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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.