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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 $154,000,000 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, Aug 31, 2016
Jackpot:$154,000,000
Federal Tax:  25%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,317,921$579,480$162,023$1,576,418
2$2,433,817$608,454$170,124$1,655,239
3$2,555,508$638,877$178,630$1,738,001
4$2,683,283$670,821$187,562$1,824,901
5$2,817,447$704,362$196,940$1,916,146
6$2,958,320$739,580$206,787$2,011,953
7$3,106,236$776,559$217,126$2,112,551
8$3,261,548$815,387$227,982$2,218,179
9$3,424,625$856,156$239,381$2,329,087
10$3,595,856$898,964$251,350$2,445,542
11$3,775,649$943,912$263,918$2,567,819
12$3,964,432$991,108$277,114$2,696,210
13$4,162,653$1,040,663$290,969$2,831,020
14$4,370,786$1,092,696$305,518$2,972,571
15$4,589,325$1,147,331$320,794$3,121,200
16$4,818,791$1,204,698$336,834$3,277,260
17$5,059,731$1,264,933$353,675$3,441,123
18$5,312,717$1,328,179$371,359$3,613,179
19$5,578,353$1,394,588$389,927$3,793,838
20$5,857,271$1,464,318$409,423$3,983,530
21$6,150,134$1,537,534$429,894$4,182,706
22$6,457,641$1,614,410$451,389$4,391,842
23$6,780,523$1,695,131$473,959$4,611,434
24$7,119,549$1,779,887$497,657$4,842,006
25$7,475,527$1,868,882$522,539$5,084,106
26$7,849,303$1,962,326$548,666$5,338,311
27$8,241,768$2,060,442$576,100$5,605,227
28$8,653,857$2,163,464$604,905$5,885,488
29$9,086,550$2,271,637$635,150$6,179,762
30$9,540,877$2,385,219$666,907$6,488,751
Total$154,000,000$38,500,000$10,764,600$104,735,400
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