USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Jan 13, 2021

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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 $556,700,000 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:Wed, Jan 13, 2021
Jackpot:$556,700,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$8,379,134$3,064,352$481,800$4,832,982
2$8,798,091$3,219,366$505,890$5,072,835
3$9,237,995$3,382,130$531,185$5,324,680
4$9,699,895$3,553,033$557,744$5,589,118
5$10,184,889$3,732,481$585,631$5,866,777
6$10,694,134$3,920,902$614,913$6,158,320
7$11,228,841$4,118,743$645,658$6,464,439
8$11,790,283$4,326,477$677,941$6,785,865
9$12,379,797$4,544,597$711,838$7,123,362
10$12,998,787$4,773,623$747,430$7,477,733
11$13,648,726$5,014,101$784,802$7,849,824
12$14,331,163$5,266,602$824,042$8,240,518
13$15,047,721$5,531,729$865,244$8,650,748
14$15,800,107$5,810,112$908,506$9,081,489
15$16,590,112$6,102,414$953,931$9,533,767
16$17,419,618$6,409,331$1,001,628$10,008,659
17$18,290,598$6,731,594$1,051,709$10,507,295
18$19,205,128$7,069,970$1,104,295$11,030,864
19$20,165,385$7,425,265$1,159,510$11,580,611
20$21,173,654$7,798,324$1,217,485$12,157,845
21$22,232,337$8,190,037$1,278,359$12,763,941
22$23,343,954$8,601,335$1,342,277$13,400,341
23$24,511,151$9,033,198$1,409,391$14,068,562
24$25,736,709$9,486,654$1,479,861$14,770,193
25$27,023,544$9,962,784$1,553,854$15,506,907
26$28,374,722$10,462,719$1,631,547$16,280,456
27$29,793,458$10,987,652$1,713,124$17,092,682
28$31,283,130$11,538,830$1,798,780$17,945,520
29$32,847,287$12,117,568$1,888,719$18,840,999
30$34,489,652$12,725,243$1,983,155$19,781,253
Total$556,700,001$204,901,166$32,010,249$319,788,585

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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.