USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Jan 7, 2012

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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 $43,500,000 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, Jan 7, 2012
Jackpot:$43,500,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$775,609$245,163$44,598$485,849
2$806,634$256,642$46,381$503,610
3$838,899$268,580$48,237$522,082
4$872,455$280,996$50,166$541,293
5$907,353$293,908$52,173$561,272
6$943,647$307,337$54,260$582,050
7$981,393$321,303$56,430$603,660
8$1,020,649$335,828$58,687$626,134
9$1,061,475$350,933$61,035$649,507
10$1,103,934$366,643$63,476$673,814
11$1,148,091$382,982$66,015$699,094
12$1,194,015$399,973$68,656$725,386
13$1,241,775$417,645$71,402$752,729
14$1,291,447$436,023$74,258$781,165
15$1,343,104$455,136$77,229$810,740
16$1,396,829$475,014$80,318$841,497
17$1,452,702$495,687$83,530$873,484
18$1,510,810$517,187$86,872$906,751
19$1,571,242$539,547$90,346$941,348
20$1,634,092$562,802$93,960$977,330
21$1,699,456$586,986$97,719$1,014,751
22$1,767,434$612,138$101,627$1,053,668
23$1,838,131$638,296$105,693$1,094,142
24$1,911,656$665,501$109,920$1,136,235
25$1,988,123$693,793$114,317$1,180,012
26$2,067,647$723,217$118,890$1,225,540
27$2,150,353$753,819$123,645$1,272,890
28$2,236,368$785,644$128,591$1,322,133
29$2,325,822$818,742$133,735$1,373,345
30$2,418,855$853,164$139,084$1,426,607
Total$43,500,000$14,840,629$2,501,250$26,158,118

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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.