Bank A Million
Latest draw · Saturday, July 4, 2026
Bank A Million Tax Calculator
See what you'd really take home from a Bank A Million prize after federal and Virginia state tax — as a lump sum or a 30-year annuity.
- Prize (lump-sum cash)
- $1,000,000
- Federal tax
- − $328,188
- State tax (Virginia · 5.75%)
- − $57,500
- Net take-home
- $614,312
Estimate only — uses single-filer federal brackets and Virginia's top lottery-withholding rate. Actual tax depends on your total income, filing status and deductions. Not tax advice.
Bank A Million tax FAQ
How much tax do you pay on a Bank A Million jackpot in Virginia?
On a $1,000,000 Bank A Million jackpot taken as a lump sum, you'd pay about $328,188 in federal tax and $57,500 in Virginia state tax, leaving roughly $614,312.
Does Virginia tax Bank A Million lottery winnings?
Yes — Virginia withholds about 5.75% in state tax on Bank A Million winnings, on top of federal tax.
Should I take the Bank A Million lump sum or annuity?
The lump sum pays a smaller, discounted amount now with full control; the 30-year annuity pays the full advertised jackpot spread over time and can keep you in lower yearly tax brackets. The best choice depends on your goals and tax situation.