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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 $70,000,000 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:  Sat, Aug 2, 2014
Jackpot:$70,000,000
Federal Tax:  25%
State Tax:6.70%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,248,107$312,027$83,623$852,457
2$1,298,031$324,508$86,968$886,555
3$1,349,952$337,488$90,447$922,018
4$1,403,951$350,988$94,065$958,898
5$1,460,109$365,027$97,827$997,254
6$1,518,513$379,628$101,740$1,037,144
7$1,579,253$394,813$105,810$1,078,630
8$1,642,424$410,606$110,042$1,121,775
9$1,708,121$427,030$114,444$1,166,646
10$1,776,445$444,111$119,022$1,213,312
11$1,847,503$461,876$123,783$1,261,845
12$1,921,403$480,351$128,734$1,312,318
13$1,998,259$499,565$133,883$1,364,811
14$2,078,190$519,547$139,239$1,419,404
15$2,161,317$540,329$144,808$1,476,180
16$2,247,770$561,943$150,601$1,535,227
17$2,337,681$584,420$156,625$1,596,636
18$2,431,188$607,797$162,890$1,660,501
19$2,528,436$632,109$169,405$1,726,922
20$2,629,573$657,393$176,181$1,795,998
21$2,734,756$683,689$183,229$1,867,838
22$2,844,146$711,037$190,558$1,942,552
23$2,957,912$739,478$198,180$2,020,254
24$3,076,229$769,057$206,107$2,101,064
25$3,199,278$799,819$214,352$2,185,107
26$3,327,249$831,812$222,926$2,272,511
27$3,460,339$865,085$231,843$2,363,411
28$3,598,752$899,688$241,116$2,457,948
29$3,742,702$935,676$250,761$2,556,266
30$3,892,411$973,103$260,792$2,658,516
Total$70,000,000$17,500,000$4,690,000$47,810,000
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