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Virginia Powerball Jackpot Annuity Payout Schedule for Feb 5, 2024

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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 $214,800,000 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, Feb 5, 2024
Jackpot:$214,800,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,233,048$1,153,248$185,900$1,893,900
2$3,394,701$1,213,060$195,195$1,986,446
3$3,564,436$1,275,861$204,955$2,083,619
4$3,742,658$1,341,804$215,203$2,185,651
5$3,929,790$1,411,043$225,963$2,292,785
6$4,126,280$1,483,744$237,261$2,405,275
7$4,332,594$1,560,080$249,124$2,523,390
8$4,549,224$1,640,233$261,580$2,647,410
9$4,776,685$1,724,394$274,659$2,777,632
10$5,015,519$1,812,762$288,392$2,914,364
11$5,266,295$1,905,549$302,812$3,057,934
12$5,529,610$2,002,976$317,953$3,208,681
13$5,806,090$2,105,274$333,850$3,366,966
14$6,096,395$2,212,686$350,543$3,533,166
15$6,401,214$2,325,470$368,070$3,707,675
16$6,721,275$2,443,892$386,473$3,890,910
17$7,057,339$2,568,236$405,797$4,083,306
18$7,410,206$2,698,796$426,087$4,285,323
19$7,780,716$2,835,885$447,391$4,497,440
20$8,169,752$2,979,828$469,761$4,720,163
21$8,578,239$3,130,969$493,249$4,954,022
22$9,007,151$3,289,666$517,911$5,199,574
23$9,457,509$3,456,299$543,807$5,457,404
24$9,930,384$3,631,262$570,997$5,728,125
25$10,426,904$3,814,975$599,547$6,012,382
26$10,948,249$4,007,872$629,524$6,310,852
27$11,495,661$4,210,415$661,001$6,624,246
28$12,070,444$4,423,085$694,051$6,953,309
29$12,673,967$4,646,388$728,753$7,298,826
30$13,307,665$4,880,856$765,191$7,661,618
Total$214,800,000$78,186,608$12,351,000$124,262,394

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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.