USA Mega

Virginia Powerball Jackpot Annuity Payout Schedule for Apr 17, 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 $80,700,000 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 money, as well as deductions claimed.

State:

Virginia

Drawing Date:Wed, Apr 17, 2024
Jackpot:$80,700,000
Federal Tax:37% marginal rate
State Tax: 5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,214,651$407,609$69,842$737,200
2$1,275,383$430,080$73,335$771,969
3$1,339,153$453,674$77,001$808,477
4$1,406,110$478,449$80,851$846,810
5$1,476,416$504,462$84,894$887,060
6$1,550,236$531,775$89,139$929,323
7$1,627,748$560,455$93,596$973,698
8$1,709,136$590,568$98,275$1,020,292
9$1,794,592$622,187$103,189$1,069,216
10$1,884,322$655,387$108,349$1,120,587
11$1,978,538$690,247$113,766$1,174,525
12$2,077,465$726,850$119,454$1,231,161
13$2,181,338$765,283$125,427$1,290,628
14$2,290,405$805,638$131,698$1,353,069
15$2,404,926$848,010$138,283$1,418,632
16$2,525,172$892,501$145,197$1,487,473
17$2,651,430$939,217$152,457$1,559,756
18$2,784,002$988,268$160,080$1,635,653
19$2,923,202$1,039,772$168,084$1,715,345
20$3,069,362$1,093,852$176,488$1,799,022
21$3,222,830$1,150,635$185,313$1,886,883
22$3,383,972$1,210,257$194,578$1,979,136
23$3,553,170$1,272,861$204,307$2,076,002
24$3,730,829$1,338,594$214,523$2,177,712
25$3,917,370$1,407,615$225,249$2,284,507
26$4,113,239$1,480,086$236,511$2,396,641
27$4,318,901$1,556,181$248,337$2,514,383
28$4,534,846$1,636,081$260,754$2,638,011
29$4,761,588$1,719,975$273,791$2,767,821
30$4,999,667$1,808,065$287,481$2,904,122
Total$80,700,000$28,604,634$4,640,249$47,455,114

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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.