USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Dec 20, 2008

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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 $54,700,000 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, Dec 20, 2008
Jackpot:$54,700,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$975,306$319,051$56,080$600,175
2$1,014,319$333,486$58,323$622,510
3$1,054,891$348,498$60,656$645,738
4$1,097,087$364,110$63,083$669,895
5$1,140,971$380,347$65,606$695,018
6$1,186,609$397,233$68,230$721,146
7$1,234,074$414,795$70,959$748,319
8$1,283,437$433,059$73,798$776,580
9$1,334,774$452,054$76,750$805,970
10$1,388,165$471,809$79,819$836,537
11$1,443,692$492,354$83,012$868,326
12$1,501,439$513,720$86,333$901,386
13$1,561,497$535,942$89,786$935,769
14$1,623,957$559,052$93,378$971,528
15$1,688,915$583,086$97,113$1,008,716
16$1,756,472$608,082$100,997$1,047,392
17$1,826,731$634,078$105,037$1,087,616
18$1,899,800$661,114$109,238$1,129,448
19$1,975,792$689,231$113,608$1,172,953
20$2,054,824$718,472$118,152$1,218,199
21$2,137,016$748,884$122,878$1,265,254
22$2,222,497$780,512$127,794$1,314,192
23$2,311,397$813,405$132,905$1,365,087
24$2,403,853$847,613$138,222$1,418,018
25$2,500,007$883,190$143,750$1,473,066
26$2,600,007$920,190$149,500$1,530,316
27$2,704,008$958,671$155,480$1,589,857
28$2,812,168$998,690$161,700$1,651,778
29$2,924,655$1,040,310$168,168$1,716,177
30$3,041,641$1,083,595$174,894$1,783,152
Total$54,700,000$18,984,633$3,145,249$32,570,118

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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.