USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Oct 12, 2011

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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 $87,200,000 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, Oct 12, 2011
Jackpot:$87,200,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,554,785$533,458$89,400$931,926
2$1,616,976$556,469$92,976$967,531
3$1,681,655$580,400$96,695$1,004,560
4$1,748,921$605,289$100,563$1,043,070
5$1,818,878$631,173$104,585$1,083,120
6$1,891,633$658,092$108,769$1,124,772
7$1,967,299$686,088$113,120$1,168,091
8$2,045,991$715,204$117,644$1,213,142
9$2,127,830$745,485$122,350$1,259,995
10$2,212,943$776,977$127,244$1,308,722
11$2,301,461$809,728$132,334$1,359,399
12$2,393,520$843,790$137,627$1,412,102
13$2,489,260$879,214$143,132$1,466,914
14$2,588,831$916,055$148,858$1,523,918
15$2,692,384$954,370$154,812$1,583,202
16$2,800,079$994,217$161,005$1,644,858
17$2,912,082$1,035,658$167,445$1,708,979
18$3,028,566$1,078,757$174,143$1,775,666
19$3,149,708$1,123,580$181,108$1,845,020
20$3,275,697$1,170,196$188,353$1,917,149
21$3,406,725$1,218,676$195,887$1,992,162
22$3,542,994$1,269,095$203,722$2,070,176
23$3,684,713$1,321,532$211,871$2,151,311
24$3,832,102$1,376,065$220,346$2,235,691
25$3,985,386$1,432,781$229,160$2,323,446
26$4,144,801$1,491,764$238,326$2,414,711
27$4,310,593$1,553,107$247,859$2,509,627
28$4,483,017$1,616,904$257,773$2,608,340
29$4,662,338$1,683,253$268,084$2,711,001
30$4,848,831$1,752,255$278,808$2,817,768
Total$87,200,000$31,009,632$5,013,999$51,176,369

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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.