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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 $153,000,000 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, Jan 21, 2017
Jackpot:$153,000,000
Federal Tax:  25%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,302,870$575,717$160,971$1,566,182
2$2,418,013$604,503$169,019$1,644,491
3$2,538,914$634,728$177,470$1,726,715
4$2,665,859$666,465$186,344$1,813,051
5$2,799,152$699,788$195,661$1,903,703
6$2,939,110$734,777$205,444$1,998,889
7$3,086,066$771,516$215,716$2,098,833
8$3,240,369$810,092$226,502$2,203,775
9$3,402,387$850,597$237,827$2,313,964
10$3,572,507$893,127$249,718$2,429,662
11$3,751,132$937,783$262,204$2,551,145
12$3,938,688$984,672$275,314$2,678,702
13$4,135,623$1,033,906$289,080$2,812,637
14$4,342,404$1,085,601$303,534$2,953,269
15$4,559,524$1,139,881$318,711$3,100,932
16$4,787,501$1,196,875$334,646$3,255,979
17$5,026,875$1,256,719$351,379$3,418,778
18$5,278,219$1,319,555$368,948$3,589,717
19$5,542,130$1,385,533$387,395$3,769,203
20$5,819,237$1,454,809$406,765$3,957,663
21$6,110,199$1,527,550$427,103$4,155,546
22$6,415,708$1,603,927$448,458$4,363,323
23$6,736,494$1,684,123$470,881$4,581,490
24$7,073,319$1,768,330$494,425$4,810,564
25$7,426,984$1,856,746$519,146$5,051,092
26$7,798,334$1,949,583$545,104$5,303,647
27$8,188,250$2,047,063$572,359$5,568,829
28$8,597,663$2,149,416$600,977$5,847,271
29$9,027,546$2,256,887$631,025$6,139,634
30$9,478,923$2,369,731$662,577$6,446,616
Total$153,000,000$38,250,000$10,694,700$104,055,300
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