USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Jan 13, 2024

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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 $78,400,000 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, Jan 13, 2024
Jackpot:$78,400,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,180,033$394,800$67,852$717,381
2$1,239,034$416,630$71,244$751,159
3$1,300,986$439,553$74,807$786,627
4$1,366,035$463,621$78,547$823,867
5$1,434,337$488,892$82,474$862,970
6$1,506,054$515,428$86,598$904,028
7$1,581,356$543,290$90,928$947,139
8$1,660,424$572,545$95,474$992,405
9$1,743,445$603,263$100,248$1,039,935
10$1,830,618$635,516$105,261$1,089,841
11$1,922,149$669,383$110,524$1,142,242
12$2,018,256$704,942$116,050$1,197,264
13$2,119,169$742,280$121,852$1,255,036
14$2,225,127$781,485$127,945$1,315,698
15$2,336,384$822,650$134,342$1,379,392
16$2,453,203$865,873$141,059$1,446,271
17$2,575,863$911,257$148,112$1,516,494
18$2,704,656$958,911$155,518$1,590,228
19$2,839,889$1,008,947$163,294$1,667,649
20$2,981,883$1,061,485$171,458$1,748,940
21$3,130,978$1,116,649$180,031$1,834,297
22$3,287,526$1,174,573$189,033$1,923,921
23$3,451,903$1,235,392$198,484$2,018,027
24$3,624,498$1,299,252$208,409$2,116,837
25$3,805,723$1,366,305$218,829$2,220,589
26$3,996,009$1,436,711$229,771$2,329,527
27$4,195,809$1,510,637$241,259$2,443,913
28$4,405,600$1,588,260$253,322$2,564,018
29$4,625,880$1,669,763$265,988$2,690,128
30$4,857,174$1,755,342$279,287$2,822,544
Total$78,400,000$27,753,635$4,508,000$46,138,367

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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.