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Powerball Annuity Jackpot Analysis for Connecticut (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$101,001$997,152
2$1,517,185$364,124$106,051$1,047,009
3$1,593,044$382,331$111,354$1,099,360
4$1,672,696$401,447$116,921$1,154,328
5$1,756,331$421,519$122,768$1,212,044
6$1,844,147$442,595$128,906$1,272,646
7$1,936,355$464,725$135,351$1,336,278
8$2,033,173$487,961$142,119$1,403,092
9$2,134,831$512,359$149,225$1,473,247
10$2,241,573$537,977$156,686$1,546,909
11$2,353,651$564,876$164,520$1,624,255
12$2,471,334$593,120$172,746$1,705,468
13$2,594,901$622,776$181,384$1,790,741
14$2,724,646$653,915$190,453$1,880,278
15$2,860,878$686,611$199,975$1,974,292
16$3,003,922$720,941$209,974$2,073,006
17$3,154,118$756,988$220,473$2,176,657
18$3,311,824$794,838$231,496$2,285,490
19$3,477,415$834,580$243,071$2,399,764
20$3,651,286$876,309$255,225$2,519,752
21$3,833,850$920,124$267,986$2,645,740
22$4,025,543$966,130$281,385$2,778,027
23$4,226,820$1,014,437$295,455$2,916,928
24$4,438,161$1,065,159$310,227$3,062,775
25$4,660,069$1,118,416$325,739$3,215,913
26$4,893,072$1,174,337$342,026$3,376,709
27$5,137,726$1,233,054$359,127$3,545,545
28$5,394,612$1,294,707$377,083$3,722,822
29$5,664,343$1,359,442$395,938$3,908,963
30$5,947,560$1,427,414$415,734$4,104,411
Total$96,000,000$23,040,000$6,710,400$66,249,600
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