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Powerball Annuity Jackpot Analysis for U.S. Virgin Islands

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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 U.S. Virgin Islands, 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:

U.S. Virgin Islands

Drawing Date:  Wed, Jul 30, 2014
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:0.00% (Unknown)
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$267,451$0$802,354
2$1,112,598$278,150$0$834,449
3$1,157,102$289,276$0$867,827
4$1,203,386$300,847$0$902,540
5$1,251,522$312,880$0$938,641
6$1,301,583$325,396$0$976,187
7$1,353,646$338,411$0$1,015,234
8$1,407,792$351,948$0$1,055,844
9$1,464,103$366,026$0$1,098,077
10$1,522,667$380,667$0$1,142,001
11$1,583,574$395,894$0$1,187,681
12$1,646,917$411,729$0$1,235,188
13$1,712,794$428,198$0$1,284,595
14$1,781,306$445,326$0$1,335,979
15$1,852,558$463,139$0$1,389,418
16$1,926,660$481,665$0$1,444,995
17$2,003,726$500,932$0$1,502,795
18$2,083,876$520,969$0$1,562,907
19$2,167,231$541,808$0$1,625,423
20$2,253,920$563,480$0$1,690,440
21$2,344,077$586,019$0$1,758,057
22$2,437,840$609,460$0$1,828,380
23$2,535,353$633,838$0$1,901,515
24$2,636,767$659,192$0$1,977,576
25$2,742,238$685,560$0$2,056,679
26$2,851,928$712,982$0$2,138,946
27$2,966,005$741,501$0$2,224,503
28$3,084,645$771,161$0$2,313,484
29$3,208,031$802,008$0$2,406,023
30$3,336,352$834,088$0$2,502,264
Total$60,000,000$15,000,000$0$45,000,000
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