USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Oct 2, 2023

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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 $1,066,200,000 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:Mon, Oct 2, 2023
Jackpot:$1,066,200,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$16,047,840$5,895,889$922,751$9,229,201
2$16,850,232$6,192,774$968,888$9,688,570
3$17,692,744$6,504,503$1,017,333$10,170,908
4$18,577,381$6,831,819$1,068,199$10,677,363
5$19,506,249$7,175,500$1,121,609$11,209,140
6$20,481,562$7,536,366$1,177,690$11,767,507
7$21,505,641$7,915,275$1,236,574$12,353,792
8$22,580,923$8,313,129$1,298,403$12,969,391
9$23,709,969$8,730,876$1,363,323$13,615,770
10$24,895,467$9,169,511$1,431,489$14,294,467
11$26,140,241$9,630,077$1,503,064$15,007,100
12$27,447,253$10,113,671$1,578,217$15,755,364
13$28,819,615$10,621,445$1,657,128$16,541,042
14$30,260,596$11,154,608$1,739,984$17,366,004
15$31,773,626$11,714,429$1,826,983$18,232,213
16$33,362,307$12,302,242$1,918,333$19,141,733
17$35,030,422$12,919,444$2,014,249$20,096,729
18$36,781,944$13,567,507$2,114,962$21,099,475
19$38,621,040$14,247,973$2,220,710$22,152,358
20$40,552,093$14,962,462$2,331,745$23,257,885
21$42,579,697$15,712,676$2,448,333$24,418,689
22$44,708,682$16,500,400$2,570,749$25,637,533
23$46,944,116$17,327,511$2,699,287$26,917,319
24$49,291,322$18,195,977$2,834,251$28,261,094
25$51,755,888$19,107,866$2,975,964$29,672,058
26$54,343,683$20,065,350$3,124,762$31,153,571
27$57,060,867$21,070,709$3,281,000$32,709,159
28$59,913,910$22,126,334$3,445,050$34,342,525
29$62,909,605$23,234,742$3,617,302$36,057,561
30$66,055,086$24,398,570$3,798,167$37,858,349
Total$1,066,200,002$393,239,635$61,306,499$611,653,870

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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.