USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Dec 20, 2008

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The tax information provided here is based on 2025 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$317,884$56,080$601,343
2$1,014,319$332,318$58,323$623,677
3$1,054,891$347,330$60,656$646,905
4$1,097,087$362,942$63,083$671,062
5$1,140,971$379,179$65,606$696,185
6$1,186,609$396,066$68,230$722,314
7$1,234,074$413,628$70,959$749,487
8$1,283,437$431,892$73,798$777,747
9$1,334,774$450,887$76,750$807,138
10$1,388,165$470,641$79,819$837,704
11$1,443,692$491,186$83,012$869,493
12$1,501,439$512,553$86,333$902,554
13$1,561,497$534,774$89,786$936,937
14$1,623,957$557,884$93,378$972,695
15$1,688,915$581,919$97,113$1,009,884
16$1,756,472$606,915$100,997$1,048,560
17$1,826,731$632,911$105,037$1,088,783
18$1,899,800$659,946$109,238$1,130,615
19$1,975,792$688,063$113,608$1,174,121
20$2,054,824$717,305$118,152$1,219,366
21$2,137,016$747,716$122,878$1,266,422
22$2,222,497$779,344$127,794$1,315,359
23$2,311,397$812,237$132,905$1,366,255
24$2,403,853$846,446$138,222$1,419,186
25$2,500,007$882,023$143,750$1,474,234
26$2,600,007$919,023$149,500$1,531,484
27$2,704,008$957,503$155,480$1,591,024
28$2,812,168$997,522$161,700$1,652,946
29$2,924,655$1,039,142$168,168$1,717,345
30$3,041,641$1,082,427$174,894$1,784,319
Total$54,700,000$18,949,606$3,145,249$32,605,144

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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.