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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 $100,000,000 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, Mar 7, 2015
Jackpot:$100,000,000
Federal Tax:  25%
State Tax:6.70%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,783,010$445,752$119,462$1,217,796
2$1,854,330$463,583$124,240$1,266,508
3$1,928,504$482,126$129,210$1,317,168
4$2,005,644$501,411$134,378$1,369,855
5$2,085,869$521,467$139,753$1,424,649
6$2,169,304$542,326$145,343$1,481,635
7$2,256,076$564,019$151,157$1,540,900
8$2,346,319$586,580$157,203$1,602,536
9$2,440,172$610,043$163,492$1,666,638
10$2,537,779$634,445$170,031$1,733,303
11$2,639,290$659,823$176,832$1,802,635
12$2,744,862$686,215$183,906$1,874,741
13$2,854,656$713,664$191,262$1,949,730
14$2,968,843$742,211$198,912$2,027,719
15$3,087,596$771,899$206,869$2,108,828
16$3,211,100$802,775$215,144$2,193,181
17$3,339,544$834,886$223,749$2,280,909
18$3,473,126$868,281$232,699$2,372,145
19$3,612,051$903,013$242,007$2,467,031
20$3,756,533$939,133$251,688$2,565,712
21$3,906,794$976,699$261,755$2,668,340
22$4,063,066$1,015,767$272,225$2,775,074
23$4,225,589$1,056,397$283,114$2,886,077
24$4,394,612$1,098,653$294,439$3,001,520
25$4,570,397$1,142,599$306,217$3,121,581
26$4,753,213$1,188,303$318,465$3,246,444
27$4,943,341$1,235,835$331,204$3,376,302
28$5,141,075$1,285,269$344,452$3,511,354
29$5,346,718$1,336,679$358,230$3,651,808
30$5,560,586$1,390,147$372,559$3,797,881
Total$100,000,000$25,000,000$6,700,000$68,300,000
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