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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 $50,000,000 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, Aug 24, 2019
Jackpot:$50,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$752,572$180,617$52,605$519,350
2$790,200$189,648$55,235$545,317
3$829,710$199,130$57,997$572,583
4$871,196$209,087$60,897$601,212
5$914,756$219,541$63,941$631,273
6$960,493$230,518$67,138$662,837
7$1,008,518$242,044$70,495$695,978
8$1,058,944$254,147$74,020$730,777
9$1,111,891$266,854$77,721$767,316
10$1,167,486$280,197$81,607$805,682
11$1,225,860$294,206$85,688$845,966
12$1,287,153$308,917$89,972$888,264
13$1,351,511$324,363$94,471$932,678
14$1,419,086$340,581$99,194$979,311
15$1,490,041$357,610$104,154$1,028,277
16$1,564,543$375,490$109,362$1,079,691
17$1,642,770$394,265$114,830$1,133,675
18$1,724,908$413,978$120,571$1,190,359
19$1,811,154$434,677$126,600$1,249,877
20$1,901,711$456,411$132,930$1,312,371
21$1,996,797$479,231$139,576$1,377,990
22$2,096,637$503,193$146,555$1,446,889
23$2,201,469$528,352$153,883$1,519,233
24$2,311,542$554,770$161,577$1,595,195
25$2,427,119$582,509$169,656$1,674,955
26$2,548,475$611,634$178,138$1,758,703
27$2,675,899$642,216$187,045$1,846,638
28$2,809,694$674,327$196,398$1,938,970
29$2,950,178$708,043$206,217$2,035,918
30$3,097,687$743,445$216,528$2,137,714
Total$50,000,000$12,000,000$3,495,000$34,505,000
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