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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 $67,000,000 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, Dec 7, 2016
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$70,490$685,844
2$1,058,868$264,717$74,015$720,136
3$1,111,812$277,953$77,716$756,143
4$1,167,403$291,851$81,601$793,950
5$1,225,773$306,443$85,682$833,648
6$1,287,061$321,765$89,966$875,330
7$1,351,414$337,854$94,464$919,097
8$1,418,985$354,746$99,187$965,052
9$1,489,934$372,484$104,146$1,013,304
10$1,564,431$391,108$109,354$1,063,970
11$1,642,653$410,663$114,821$1,117,168
12$1,724,785$431,196$120,562$1,173,026
13$1,811,024$452,756$126,591$1,231,678
14$1,901,576$475,394$132,920$1,293,262
15$1,996,654$499,164$139,566$1,357,925
16$2,096,487$524,122$146,544$1,425,821
17$2,201,311$550,328$153,872$1,497,112
18$2,311,377$577,844$161,565$1,571,968
19$2,426,946$606,736$169,644$1,650,566
20$2,548,293$637,073$178,126$1,733,094
21$2,675,708$668,927$187,032$1,819,749
22$2,809,493$702,373$196,384$1,910,736
23$2,949,968$737,492$206,203$2,006,273
24$3,097,466$774,367$216,513$2,106,587
25$3,252,340$813,085$227,339$2,211,916
26$3,414,957$853,739$238,705$2,322,512
27$3,585,704$896,426$250,641$2,438,638
28$3,764,990$941,247$263,173$2,560,569
29$3,953,239$988,310$276,331$2,688,598
30$4,150,901$1,037,725$290,148$2,823,028
Total$67,000,000$16,750,000$4,683,300$45,566,700
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