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Powerball Annuity Jackpot Analysis for West Virginia

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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 West 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:

West Virginia

Drawing Date:  Wed, Apr 16, 2014
Jackpot:$110,000,000
Federal Tax:  25%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,961,311$490,328$127,485$1,343,498
2$2,039,763$509,941$132,585$1,397,238
3$2,121,354$530,338$137,888$1,453,127
4$2,206,208$551,552$143,404$1,511,253
5$2,294,456$573,614$149,140$1,571,703
6$2,386,235$596,559$155,105$1,634,571
7$2,481,684$620,421$161,309$1,699,954
8$2,580,951$645,238$167,762$1,767,952
9$2,684,189$671,047$174,472$1,838,670
10$2,791,557$697,889$181,451$1,912,217
11$2,903,219$725,805$188,709$1,988,705
12$3,019,348$754,837$196,258$2,068,253
13$3,140,122$785,030$204,108$2,150,984
14$3,265,727$816,432$212,272$2,237,023
15$3,396,356$849,089$220,763$2,326,504
16$3,532,210$883,053$229,594$2,419,564
17$3,673,499$918,375$238,777$2,516,347
18$3,820,438$955,110$248,329$2,617,000
19$3,973,256$993,314$258,262$2,721,680
20$4,132,186$1,033,047$268,592$2,830,548
21$4,297,474$1,074,368$279,336$2,943,769
22$4,469,373$1,117,343$290,509$3,061,520
23$4,648,148$1,162,037$302,130$3,183,981
24$4,834,073$1,208,518$314,215$3,311,340
25$5,027,436$1,256,859$326,783$3,443,794
26$5,228,534$1,307,133$339,855$3,581,546
27$5,437,675$1,359,419$353,449$3,724,808
28$5,655,182$1,413,796$367,587$3,873,800
29$5,881,390$1,470,347$382,290$4,028,752
30$6,116,645$1,529,161$397,582$4,189,902
Total$110,000,000$27,500,000$7,150,000$75,350,000
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