USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Dec 7, 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 $53,200,000 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, Dec 7, 2011
Jackpot:$53,200,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$948,561$309,155$54,542$584,864
2$986,504$323,194$56,724$606,586
3$1,025,964$337,794$58,993$629,177
4$1,067,002$352,979$61,353$652,671
5$1,109,683$368,770$63,807$677,105
6$1,154,070$385,194$66,359$702,517
7$1,200,233$402,274$69,013$728,945
8$1,248,242$420,037$71,774$756,431
9$1,298,172$438,511$74,645$785,015
10$1,350,098$457,724$77,631$814,744
11$1,404,102$477,706$80,736$845,661
12$1,460,267$498,486$83,965$877,815
13$1,518,677$520,098$87,324$911,255
14$1,579,424$542,575$90,817$946,033
15$1,642,601$565,950$94,450$982,201
16$1,708,305$590,261$98,228$1,019,817
17$1,776,637$615,544$102,157$1,058,937
18$1,847,703$641,838$106,243$1,099,622
19$1,921,611$669,184$110,493$1,141,935
20$1,998,476$697,624$114,912$1,185,939
21$2,078,415$727,201$119,509$1,231,705
22$2,161,551$757,962$124,289$1,279,300
23$2,248,013$789,953$129,261$1,328,800
24$2,337,934$823,223$134,431$1,380,279
25$2,431,451$857,825$139,808$1,433,818
26$2,528,709$893,810$145,401$1,489,498
27$2,629,857$931,235$151,217$1,547,406
28$2,735,052$970,157$157,265$1,607,629
29$2,844,454$1,010,636$163,556$1,670,262
30$2,958,232$1,052,734$170,098$1,735,400
Total$53,200,000$18,429,634$3,059,001$31,711,367

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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.