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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 $120,000,000 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 2, 2015
Jackpot:$120,000,000
Federal Tax:  25%
State Tax:6.70%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,139,612$534,903$143,354$1,461,355
2$2,225,196$556,299$149,088$1,519,809
3$2,314,204$578,551$155,052$1,580,601
4$2,406,772$601,693$161,254$1,643,826
5$2,503,043$625,761$167,704$1,709,579
6$2,603,165$650,791$174,412$1,777,962
7$2,707,292$676,823$181,389$1,849,080
8$2,815,583$703,896$188,644$1,923,043
9$2,928,207$732,052$196,190$1,999,965
10$3,045,335$761,334$204,037$2,079,964
11$3,167,148$791,787$212,199$2,163,162
12$3,293,834$823,459$220,687$2,249,689
13$3,425,588$856,397$229,514$2,339,676
14$3,562,611$890,653$238,695$2,433,263
15$3,705,116$926,279$248,243$2,530,594
16$3,853,320$963,330$258,172$2,631,818
17$4,007,453$1,001,863$268,499$2,737,090
18$4,167,751$1,041,938$279,239$2,846,574
19$4,334,461$1,083,615$290,409$2,960,437
20$4,507,840$1,126,960$302,025$3,078,854
21$4,688,153$1,172,038$314,106$3,202,009
22$4,875,679$1,218,920$326,671$3,330,089
23$5,070,706$1,267,677$339,737$3,463,292
24$5,273,535$1,318,384$353,327$3,601,824
25$5,484,476$1,371,119$367,460$3,745,897
26$5,703,855$1,425,964$382,158$3,895,733
27$5,932,009$1,483,002$397,445$4,051,562
28$6,169,290$1,542,322$413,342$4,213,625
29$6,416,061$1,604,015$429,876$4,382,170
30$6,672,704$1,668,176$447,071$4,557,457
Total$120,000,000$30,000,000$8,040,000$81,960,000
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