USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Dec 23, 2023

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The tax information provided here is based on 2025 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 $626,400,000 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, Dec 23, 2023
Jackpot:$626,400,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,428,219$3,445,461$542,123$5,440,635
2$9,899,630$3,619,883$569,229$5,710,518
3$10,394,611$3,803,026$597,690$5,993,895
4$10,914,342$3,995,327$627,575$6,291,441
5$11,460,059$4,197,242$658,953$6,603,863
6$12,033,062$4,409,253$691,901$6,931,908
7$12,634,715$4,631,865$726,496$7,276,354
8$13,266,451$4,865,607$762,821$7,638,023
9$13,929,774$5,111,036$800,962$8,017,775
10$14,626,262$5,368,737$841,010$8,416,515
11$15,357,575$5,639,323$883,061$8,835,192
12$16,125,454$5,923,438$927,214$9,274,802
13$16,931,727$6,221,759$973,574$9,736,393
14$17,778,313$6,534,996$1,022,253$10,221,064
15$18,667,229$6,863,895$1,073,366$10,729,968
16$19,600,590$7,209,239$1,127,034$11,264,318
17$20,580,619$7,571,849$1,183,386$11,825,384
18$21,609,651$7,952,591$1,242,555$12,414,505
19$22,690,133$8,352,369$1,304,683$13,033,081
20$23,824,640$8,772,137$1,369,917$13,682,586
21$25,015,872$9,212,893$1,438,413$14,364,566
22$26,266,665$9,675,686$1,510,333$15,080,646
23$27,579,999$10,161,620$1,585,850$15,832,529
24$28,958,998$10,671,850$1,665,142$16,622,006
25$30,406,948$11,207,591$1,748,400$17,450,958
26$31,927,296$11,770,120$1,835,820$18,321,357
27$33,523,661$12,360,775$1,927,610$19,235,276
28$35,199,843$12,980,962$2,023,991$20,194,890
29$36,959,836$13,632,159$2,125,191$21,202,486
30$38,807,828$14,315,917$2,231,450$22,260,461
Total$626,400,001$230,478,606$36,018,003$359,903,395

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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.