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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 $314,000,000 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, Apr 30, 2016
Jackpot:$314,000,000
Federal Tax:  25%
State Tax:6.70%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,726,151$1,181,538$316,652$3,227,961
2$4,962,458$1,240,615$332,485$3,389,359
3$5,210,581$1,302,645$349,109$3,558,827
4$5,471,110$1,367,778$366,564$3,736,768
5$5,744,665$1,436,166$384,893$3,923,607
6$6,031,899$1,507,975$404,137$4,119,787
7$6,333,494$1,583,373$424,344$4,325,776
8$6,650,169$1,662,542$445,561$4,542,065
9$6,982,677$1,745,669$467,839$4,769,168
10$7,331,811$1,832,953$491,231$5,007,627
11$7,698,401$1,924,600$515,793$5,258,008
12$8,083,321$2,020,830$541,583$5,520,909
13$8,487,488$2,121,872$568,662$5,796,954
14$8,911,862$2,227,965$597,095$6,086,802
15$9,357,455$2,339,364$626,949$6,391,142
16$9,825,328$2,456,332$658,297$6,710,699
17$10,316,594$2,579,149$691,212$7,046,234
18$10,832,424$2,708,106$725,772$7,398,545
19$11,374,045$2,843,511$762,061$7,768,473
20$11,942,747$2,985,687$800,164$8,156,896
21$12,539,885$3,134,971$840,172$8,564,741
22$13,166,879$3,291,720$882,181$8,992,978
23$13,825,223$3,456,306$926,290$9,442,627
24$14,516,484$3,629,121$972,604$9,914,758
25$15,242,308$3,810,577$1,021,235$10,410,496
26$16,004,424$4,001,106$1,072,296$10,931,021
27$16,804,645$4,201,161$1,125,911$11,477,572
28$17,644,877$4,411,219$1,182,207$12,051,451
29$18,527,121$4,631,780$1,241,317$12,654,023
30$19,453,477$4,863,369$1,303,383$13,286,725
Total$314,000,001$78,500,000$21,038,000$214,462,000
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