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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 $138,000,000 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, May 23, 2015
Jackpot:$138,000,000
Federal Tax:  25%
State Tax:6.70%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,460,554$615,138$164,857$1,680,558
2$2,558,976$639,744$171,451$1,747,780
3$2,661,335$665,334$178,309$1,817,692
4$2,767,788$691,947$185,442$1,890,399
5$2,878,500$719,625$192,859$1,966,015
6$2,993,640$748,410$200,574$2,044,656
7$3,113,385$778,346$208,597$2,126,442
8$3,237,921$809,480$216,941$2,211,500
9$3,367,438$841,859$225,618$2,299,960
10$3,502,135$875,534$234,643$2,391,958
11$3,642,221$910,555$244,029$2,487,637
12$3,787,909$946,977$253,790$2,587,142
13$3,939,426$984,856$263,942$2,690,628
14$4,097,003$1,024,251$274,499$2,798,253
15$4,260,883$1,065,221$285,479$2,910,183
16$4,431,318$1,107,830$296,898$3,026,590
17$4,608,571$1,152,143$308,774$3,147,654
18$4,792,914$1,198,228$321,125$3,273,560
19$4,984,630$1,246,158$333,970$3,404,502
20$5,184,015$1,296,004$347,329$3,540,683
21$5,391,376$1,347,844$361,222$3,682,310
22$5,607,031$1,401,758$375,671$3,829,602
23$5,831,312$1,457,828$390,698$3,982,786
24$6,064,565$1,516,141$406,326$4,142,098
25$6,307,147$1,576,787$422,579$4,307,782
26$6,559,433$1,639,858$439,482$4,480,093
27$6,821,811$1,705,453$457,061$4,659,297
28$7,094,683$1,773,671$475,344$4,845,669
29$7,378,470$1,844,618$494,358$5,039,495
30$7,673,609$1,918,402$514,132$5,241,075
Total$138,000,000$34,500,000$9,246,000$94,254,000
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