USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Dec 24, 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 $128,800,000 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 24, 2011
Jackpot:$128,800,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,296,517$807,899$132,050$1,356,568
2$2,388,377$841,887$137,332$1,409,158
3$2,483,913$877,235$142,825$1,463,852
4$2,583,269$913,997$148,538$1,520,734
5$2,686,600$952,230$154,479$1,579,891
6$2,794,064$991,991$160,659$1,641,414
7$2,905,826$1,033,343$167,085$1,705,398
8$3,022,059$1,076,350$173,768$1,771,941
9$3,142,942$1,121,076$180,719$1,841,146
10$3,268,659$1,167,592$187,948$1,913,120
11$3,399,406$1,215,968$195,466$1,987,972
12$3,535,382$1,266,279$203,284$2,065,818
13$3,676,797$1,318,603$211,416$2,146,779
14$3,823,869$1,373,019$219,872$2,230,977
15$3,976,824$1,429,613$228,667$2,318,544
16$4,135,897$1,488,470$237,814$2,409,613
17$4,301,333$1,549,681$247,327$2,504,325
18$4,473,386$1,613,341$257,220$2,602,826
19$4,652,322$1,679,547$267,508$2,705,266
20$4,838,414$1,748,401$278,209$2,811,805
21$5,031,951$1,820,010$289,337$2,922,604
22$5,233,229$1,894,483$300,911$3,037,836
23$5,442,558$1,971,934$312,947$3,157,677
24$5,660,261$2,052,484$325,465$3,282,311
25$5,886,671$2,136,256$338,484$3,411,931
26$6,122,138$2,223,379$352,023$3,546,736
27$6,367,023$2,313,986$366,104$3,686,933
28$6,621,704$2,408,218$380,748$3,832,738
29$6,886,572$2,506,220$395,978$3,984,375
30$7,162,035$2,608,141$411,817$4,142,077
Total$128,800,000$46,401,633$7,406,000$74,992,365

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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.