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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, Apr 20, 2019
Jackpot:$136,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,046,995$491,279$143,085$1,412,631
2$2,149,345$515,843$150,239$1,483,263
3$2,256,812$541,635$157,751$1,557,426
4$2,369,653$568,717$165,639$1,635,297
5$2,488,135$597,152$173,921$1,717,062
6$2,612,542$627,010$182,617$1,802,915
7$2,743,169$658,361$191,748$1,893,061
8$2,880,328$691,279$201,335$1,987,714
9$3,024,344$725,843$211,402$2,087,100
10$3,175,561$762,135$221,972$2,191,455
11$3,334,339$800,241$233,070$2,301,028
12$3,501,056$840,254$244,724$2,416,079
13$3,676,109$882,266$256,960$2,536,883
14$3,859,915$926,380$269,808$2,663,727
15$4,052,910$972,699$283,298$2,796,913
16$4,255,556$1,021,333$297,463$2,936,759
17$4,468,334$1,072,400$312,337$3,083,597
18$4,691,750$1,126,020$327,953$3,237,777
19$4,926,338$1,182,321$344,351$3,399,666
20$5,172,655$1,241,437$361,569$3,569,649
21$5,431,288$1,303,509$379,647$3,748,132
22$5,702,852$1,368,684$398,629$3,935,538
23$5,987,995$1,437,119$418,561$4,132,315
24$6,287,394$1,508,975$439,489$4,338,931
25$6,601,764$1,584,423$461,463$4,555,877
26$6,931,852$1,663,645$484,536$4,783,671
27$7,278,445$1,746,827$508,763$5,022,855
28$7,642,367$1,834,168$534,201$5,273,997
29$8,024,485$1,925,876$560,912$5,537,697
30$8,425,710$2,022,170$588,957$5,814,582
Total$136,000,000$32,640,000$9,506,400$93,853,600
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