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Powerball Annuity Jackpot Analysis for Connecticut

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $110,000,000 would be for a resident of Connecticut, 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Connecticut

Drawing Date:  Wed, Apr 16, 2014
Jackpot:$110,000,000
Federal Tax:  25%
State Tax:6.70%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,961,311$490,328$131,408$1,339,575
2$2,039,763$509,941$136,664$1,393,158
3$2,121,354$530,338$142,131$1,448,885
4$2,206,208$551,552$147,816$1,506,840
5$2,294,456$573,614$153,729$1,567,114
6$2,386,235$596,559$159,878$1,629,798
7$2,481,684$620,421$166,273$1,694,990
8$2,580,951$645,238$172,924$1,762,790
9$2,684,189$671,047$179,841$1,833,301
10$2,791,557$697,889$187,034$1,906,633
11$2,903,219$725,805$194,516$1,982,899
12$3,019,348$754,837$202,296$2,062,215
13$3,140,122$785,030$210,388$2,144,703
14$3,265,727$816,432$218,804$2,230,491
15$3,396,356$849,089$227,556$2,319,711
16$3,532,210$883,053$236,658$2,412,500
17$3,673,499$918,375$246,124$2,509,000
18$3,820,438$955,110$255,969$2,609,359
19$3,973,256$993,314$266,208$2,713,734
20$4,132,186$1,033,047$276,856$2,822,283
21$4,297,474$1,074,368$287,931$2,935,175
22$4,469,373$1,117,343$299,448$3,052,582
23$4,648,148$1,162,037$311,426$3,174,685
24$4,834,073$1,208,518$323,883$3,301,672
25$5,027,436$1,256,859$336,838$3,433,739
26$5,228,534$1,307,133$350,312$3,571,089
27$5,437,675$1,359,419$364,324$3,713,932
28$5,655,182$1,413,796$378,897$3,862,489
29$5,881,390$1,470,347$394,053$4,016,989
30$6,116,645$1,529,161$409,815$4,177,669
Total$110,000,000$27,500,000$7,370,000$75,130,000
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