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Virginia Powerball Jackpot Annuity Payout Schedule for Oct 24, 2020

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The tax information provided here is based on 2021 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 $105,700,000 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 prize money, as well as deductions claimed.

State:

Virginia

Drawing Date:Sat, Oct 24, 2020
Jackpot:$105,700,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,590,937$552,719$91,479$946,739
2$1,670,484$582,151$96,053$992,280
3$1,754,008$613,055$100,855$1,040,097
4$1,841,708$645,504$105,898$1,090,306
5$1,933,793$679,576$111,193$1,143,024
6$2,030,483$715,351$116,753$1,198,379
7$2,132,007$752,915$122,590$1,256,502
8$2,238,608$792,357$128,720$1,317,531
9$2,350,538$833,771$135,156$1,381,611
10$2,468,065$877,256$141,914$1,448,895
11$2,591,468$922,916$149,009$1,519,543
12$2,721,042$970,858$156,460$1,593,724
13$2,857,094$1,021,197$164,283$1,671,614
14$2,999,948$1,074,053$172,497$1,753,398
15$3,149,946$1,129,552$181,122$1,839,272
16$3,307,443$1,187,826$190,178$1,929,439
17$3,472,815$1,249,014$199,687$2,024,114
18$3,646,456$1,313,261$209,671$2,123,524
19$3,828,779$1,380,720$220,155$2,227,904
20$4,020,218$1,451,553$231,163$2,337,502
21$4,221,229$1,525,927$242,721$2,452,581
22$4,432,290$1,604,020$254,857$2,573,414
23$4,653,905$1,686,017$267,600$2,700,288
24$4,886,600$1,772,114$280,979$2,833,506
25$5,130,930$1,862,516$295,028$2,973,385
26$5,387,476$1,957,439$309,780$3,120,258
27$5,656,850$2,057,107$325,269$3,274,474
28$5,939,693$2,161,759$341,532$3,436,402
29$6,236,677$2,271,643$358,609$3,606,425
30$6,548,511$2,387,021$376,539$3,784,950
Total$105,700,000$38,031,168$6,077,750$61,591,081

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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.