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Powerball Annuity Jackpot Analysis for Virginia (Dec. 21, 2013 Drawing)

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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 $60,000,000 would be for a resident of 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 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:

Virginia

Drawing Date:  Dec. 21, 2013
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$267,451$42,792$759,562
2$1,112,598$278,150$44,504$789,945
3$1,157,102$289,276$46,284$821,543
4$1,203,386$300,847$48,135$854,404
5$1,251,522$312,880$50,061$888,580
6$1,301,583$325,396$52,063$924,124
7$1,353,646$338,411$54,146$961,089
8$1,407,792$351,948$56,312$999,532
9$1,464,103$366,026$58,564$1,039,513
10$1,522,667$380,667$60,907$1,081,094
11$1,583,574$395,894$63,343$1,124,338
12$1,646,917$411,729$65,877$1,169,311
13$1,712,794$428,198$68,512$1,216,084
14$1,781,306$445,326$71,252$1,264,727
15$1,852,558$463,139$74,102$1,315,316
16$1,926,660$481,665$77,066$1,367,929
17$2,003,726$500,932$80,149$1,422,646
18$2,083,876$520,969$83,355$1,479,552
19$2,167,231$541,808$86,689$1,538,734
20$2,253,920$563,480$90,157$1,600,283
21$2,344,077$586,019$93,763$1,664,294
22$2,437,840$609,460$97,514$1,730,866
23$2,535,353$633,838$101,414$1,800,101
24$2,636,767$659,192$105,471$1,872,105
25$2,742,238$685,560$109,690$1,946,989
26$2,851,928$712,982$114,077$2,024,869
27$2,966,005$741,501$118,640$2,105,863
28$3,084,645$771,161$123,386$2,190,098
29$3,208,031$802,008$128,321$2,277,702
30$3,336,352$834,088$133,454$2,368,810
Total$60,000,000$15,000,000$2,400,000$42,600,000
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