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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 $422,000,000 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:  Wed, Jul 27, 2016
Jackpot:$422,000,000
Federal Tax:  25%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,351,706$1,587,926$443,984$4,319,795
2$6,669,291$1,667,323$466,183$4,535,785
3$7,002,755$1,750,689$489,493$4,762,574
4$7,352,893$1,838,223$513,967$5,000,703
5$7,720,538$1,930,134$539,666$5,250,738
6$8,106,565$2,026,641$566,649$5,513,275
7$8,511,893$2,127,973$594,981$5,788,939
8$8,937,488$2,234,372$624,730$6,078,385
9$9,384,362$2,346,091$655,967$6,382,305
10$9,853,580$2,463,395$688,765$6,701,420
11$10,346,259$2,586,565$723,204$7,036,491
12$10,863,572$2,715,893$759,364$7,388,315
13$11,406,751$2,851,688$797,332$7,757,731
14$11,977,088$2,994,272$837,198$8,145,618
15$12,575,943$3,143,986$879,058$8,552,899
16$13,204,740$3,301,185$923,011$8,980,544
17$13,864,977$3,466,244$969,162$9,429,571
18$14,558,226$3,639,556$1,017,620$9,901,049
19$15,286,137$3,821,534$1,068,501$10,396,102
20$16,050,444$4,012,611$1,121,926$10,915,907
21$16,852,966$4,213,241$1,178,022$11,461,702
22$17,695,614$4,423,904$1,236,923$12,034,787
23$18,580,395$4,645,099$1,298,770$12,636,527
24$19,509,414$4,877,354$1,363,708$13,268,353
25$20,484,885$5,121,221$1,431,893$13,931,770
26$21,509,130$5,377,282$1,503,488$14,628,359
27$22,584,586$5,646,147$1,578,663$15,359,777
28$23,713,815$5,928,454$1,657,596$16,127,766
29$24,899,506$6,224,877$1,740,475$16,934,154
30$26,144,482$6,536,120$1,827,499$17,780,862
Total$422,000,001$105,500,000$29,497,800$287,002,201
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