USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Oct 8, 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 $74,100,000 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, Oct 8, 2011
Jackpot:$74,100,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,321,210$447,036$75,970$798,205
2$1,374,059$466,589$79,008$828,461
3$1,429,021$486,926$82,169$859,927
4$1,486,182$508,075$85,455$892,651
5$1,545,629$530,071$88,874$926,685
6$1,607,454$552,946$92,429$962,080
7$1,671,753$576,736$96,126$998,891
8$1,738,623$601,478$99,971$1,037,174
9$1,808,168$627,210$103,970$1,076,988
10$1,880,494$653,971$108,128$1,118,395
11$1,955,714$681,802$112,454$1,161,459
12$2,033,943$710,747$116,952$1,206,244
13$2,115,300$740,849$121,630$1,252,822
14$2,199,912$772,155$126,495$1,301,262
15$2,287,909$804,714$131,555$1,351,640
16$2,379,425$838,575$136,817$1,404,033
17$2,474,602$873,791$142,290$1,458,522
18$2,573,586$910,415$147,981$1,515,190
19$2,676,530$948,504$153,900$1,574,126
20$2,783,591$988,116$160,056$1,635,418
21$2,894,935$1,029,314$166,459$1,699,162
22$3,010,732$1,072,159$173,117$1,765,456
23$3,131,161$1,116,717$180,042$1,834,402
24$3,256,408$1,163,059$187,243$1,906,106
25$3,386,664$1,211,253$194,733$1,980,677
26$3,522,131$1,261,376$202,523$2,058,232
27$3,663,016$1,313,504$210,623$2,138,889
28$3,809,536$1,367,716$219,048$2,222,772
29$3,961,918$1,424,097$227,810$2,310,010
30$4,120,395$1,482,734$236,923$2,400,738
Total$74,100,000$26,162,635$4,260,751$43,676,617

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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.