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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 $136,000,000 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, Feb 6, 2016
Jackpot:$136,000,000
Federal Tax:  25%
State Tax:6.70%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,046,995$511,749$137,149$1,398,098
2$2,149,345$537,336$144,006$1,468,003
3$2,256,812$564,203$151,206$1,541,403
4$2,369,653$592,413$158,767$1,618,473
5$2,488,135$622,034$166,705$1,699,396
6$2,612,542$653,136$175,040$1,784,366
7$2,743,169$685,792$183,792$1,873,585
8$2,880,328$720,082$192,982$1,967,264
9$3,024,344$756,086$202,631$2,065,627
10$3,175,561$793,890$212,763$2,168,908
11$3,334,339$833,585$223,401$2,277,354
12$3,501,056$875,264$234,571$2,391,222
13$3,676,109$919,027$246,299$2,510,783
14$3,859,915$964,979$258,614$2,636,322
15$4,052,910$1,013,228$271,545$2,768,138
16$4,255,556$1,063,889$285,122$2,906,545
17$4,468,334$1,117,083$299,378$3,051,872
18$4,691,750$1,172,938$314,347$3,204,466
19$4,926,338$1,231,584$330,065$3,364,689
20$5,172,655$1,293,164$346,568$3,532,923
21$5,431,288$1,357,822$363,896$3,709,569
22$5,702,852$1,425,713$382,091$3,895,048
23$5,987,995$1,496,999$401,196$4,089,800
24$6,287,394$1,571,849$421,255$4,294,290
25$6,601,764$1,650,441$442,318$4,509,005
26$6,931,852$1,732,963$464,434$4,734,455
27$7,278,445$1,819,611$487,656$4,971,178
28$7,642,367$1,910,592$512,039$5,219,737
29$8,024,485$2,006,121$537,641$5,480,724
30$8,425,710$2,106,427$564,523$5,754,760
Total$136,000,000$34,000,000$9,112,000$92,888,000
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