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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 $108,000,000 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, Jun 22, 2019
Jackpot:$108,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,625,555$390,133$113,626$1,121,795
2$1,706,833$409,640$119,308$1,177,885
3$1,792,174$430,122$125,273$1,236,780
4$1,881,783$451,628$131,537$1,298,619
5$1,975,872$474,209$138,113$1,363,549
6$2,074,666$497,920$145,019$1,431,727
7$2,178,399$522,816$152,270$1,503,313
8$2,287,319$548,957$159,884$1,578,479
9$2,401,685$576,404$167,878$1,657,403
10$2,521,769$605,225$176,272$1,740,273
11$2,647,858$635,486$185,085$1,827,287
12$2,780,251$667,260$194,340$1,918,651
13$2,919,263$700,623$204,056$2,014,584
14$3,065,226$735,654$214,259$2,115,313
15$3,218,488$772,437$224,972$2,221,078
16$3,379,412$811,059$236,221$2,332,132
17$3,548,383$851,612$248,032$2,448,739
18$3,725,802$894,192$260,434$2,571,176
19$3,912,092$938,902$273,455$2,699,735
20$4,107,697$985,847$287,128$2,834,721
21$4,313,081$1,035,140$301,484$2,976,457
22$4,528,735$1,086,896$316,559$3,125,280
23$4,755,172$1,141,241$332,387$3,281,544
24$4,992,931$1,198,303$349,006$3,445,621
25$5,242,577$1,258,219$366,456$3,617,903
26$5,504,706$1,321,129$384,779$3,798,798
27$5,779,942$1,387,186$404,018$3,988,738
28$6,068,939$1,456,545$424,219$4,188,174
29$6,372,385$1,529,373$445,430$4,397,583
30$6,691,005$1,605,841$467,701$4,617,462
Total$108,000,000$25,920,000$7,549,200$74,530,800
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