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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 $304,000,000 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 23, 2019
Jackpot:$304,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,575,636$1,098,153$319,837$3,157,647
2$4,804,418$1,153,060$335,829$3,315,529
3$5,044,639$1,210,713$352,620$3,481,305
4$5,296,871$1,271,249$370,251$3,655,371
5$5,561,714$1,334,811$388,764$3,838,139
6$5,839,800$1,401,552$408,202$4,030,046
7$6,131,790$1,471,630$428,612$4,231,549
8$6,438,380$1,545,211$450,043$4,443,126
9$6,760,299$1,622,472$472,545$4,665,282
10$7,098,314$1,703,595$496,172$4,898,546
11$7,453,229$1,788,775$520,981$5,143,474
12$7,825,891$1,878,214$547,030$5,400,647
13$8,217,185$1,972,124$574,381$5,670,680
14$8,628,045$2,070,731$603,100$5,954,214
15$9,059,447$2,174,267$633,255$6,251,924
16$9,512,419$2,282,981$664,918$6,564,521
17$9,988,040$2,397,130$698,164$6,892,746
18$10,487,442$2,516,986$733,072$7,237,384
19$11,011,814$2,642,835$769,726$7,599,253
20$11,562,405$2,774,977$808,212$7,979,216
21$12,140,525$2,913,726$848,623$8,378,176
22$12,747,551$3,059,412$891,054$8,797,085
23$13,384,929$3,212,383$935,607$9,236,940
24$14,054,175$3,373,002$982,387$9,698,786
25$14,756,884$3,541,652$1,031,506$10,183,726
26$15,494,729$3,718,735$1,083,082$10,692,912
27$16,269,465$3,904,672$1,137,236$11,227,558
28$17,082,938$4,099,905$1,194,097$11,788,936
29$17,937,085$4,304,900$1,253,802$12,378,382
30$18,833,939$4,520,145$1,316,492$12,997,302
Total$304,000,001$72,960,000$21,249,600$209,790,400
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