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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 $60,000,000 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:  Wed, Sep 28, 2016
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$225,772$63,126$614,189
2$948,240$237,060$66,282$644,898
3$995,652$248,913$69,596$677,143
4$1,045,435$261,359$73,076$711,000
5$1,097,707$274,427$76,730$746,550
6$1,152,592$288,148$80,566$783,878
7$1,210,222$302,555$84,595$823,072
8$1,270,733$317,683$88,824$864,225
9$1,334,270$333,567$93,265$907,437
10$1,400,983$350,246$97,929$952,809
11$1,471,032$367,758$102,825$1,000,449
12$1,544,584$386,146$107,966$1,050,471
13$1,621,813$405,453$113,365$1,102,995
14$1,702,904$425,726$119,033$1,158,145
15$1,788,049$447,012$124,985$1,216,052
16$1,877,451$469,363$131,234$1,276,855
17$1,971,324$492,831$137,796$1,340,697
18$2,069,890$517,472$144,685$1,407,732
19$2,173,384$543,346$151,920$1,478,119
20$2,282,054$570,513$159,516$1,552,025
21$2,396,156$599,039$167,491$1,629,626
22$2,515,964$628,991$175,866$1,711,107
23$2,641,762$660,441$184,659$1,796,663
24$2,773,850$693,463$193,892$1,886,496
25$2,912,543$728,136$203,587$1,980,820
26$3,058,170$764,543$213,766$2,079,861
27$3,211,079$802,770$224,454$2,183,855
28$3,371,633$842,908$235,677$2,293,047
29$3,540,214$885,054$247,461$2,407,700
30$3,717,225$929,306$259,834$2,528,085
Total$60,000,000$15,000,000$4,194,000$40,806,000
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