USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Dec 3, 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 $42,200,000 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:Sat, Dec 3, 2011
Jackpot:$42,200,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$752,430$236,587$43,265$472,579
2$782,527$247,723$44,995$489,809
3$813,828$259,304$46,795$507,729
4$846,382$271,349$48,667$526,366
5$880,237$283,875$50,614$545,748
6$915,446$296,903$52,638$565,905
7$952,064$310,452$54,744$586,869
8$990,147$324,542$56,933$608,671
9$1,029,753$339,196$59,211$631,346
10$1,070,943$354,437$61,579$654,927
11$1,113,780$370,287$64,042$679,452
12$1,158,332$386,770$66,604$704,957
13$1,204,665$403,914$69,268$731,483
14$1,252,852$421,743$72,039$759,070
15$1,302,966$440,285$74,921$787,760
16$1,355,084$459,569$77,917$817,598
17$1,409,288$479,624$81,034$848,629
18$1,465,659$500,482$84,275$880,902
19$1,524,285$522,173$87,646$914,466
20$1,585,257$544,733$91,152$949,372
21$1,648,667$568,195$94,798$985,674
22$1,714,614$592,595$98,590$1,023,429
23$1,783,198$617,971$102,534$1,062,693
24$1,854,526$644,363$106,635$1,103,529
25$1,928,707$671,809$110,901$1,145,997
26$2,005,856$700,354$115,337$1,190,165
27$2,086,090$730,041$119,950$1,236,099
28$2,169,534$760,915$124,748$1,283,870
29$2,256,315$793,024$129,738$1,333,553
30$2,346,567$826,418$134,928$1,385,222
Total$42,200,000$14,359,633$2,426,498$25,413,869

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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.