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Powerball Annuity Jackpot Analysis for Connecticut (Jan. 16, 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 $112,000,000 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. 16, 2019
Jackpot:$112,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,685,761$404,583$117,835$1,163,343
2$1,770,049$424,812$123,726$1,221,511
3$1,858,551$446,052$129,913$1,282,586
4$1,951,479$468,355$136,408$1,346,716
5$2,049,053$491,773$143,229$1,414,051
6$2,151,505$516,361$150,390$1,484,754
7$2,259,081$542,179$157,910$1,558,992
8$2,372,035$569,288$165,805$1,636,941
9$2,490,636$597,753$174,095$1,718,788
10$2,615,168$627,640$182,800$1,804,728
11$2,745,927$659,022$191,940$1,894,964
12$2,883,223$691,974$201,537$1,989,712
13$3,027,384$726,572$211,614$2,089,198
14$3,178,753$762,901$222,195$2,193,658
15$3,337,691$801,046$233,305$2,303,341
16$3,504,576$841,098$244,970$2,418,508
17$3,679,804$883,153$257,218$2,539,433
18$3,863,794$927,311$270,079$2,666,405
19$4,056,984$973,676$283,583$2,799,725
20$4,259,833$1,022,360$297,762$2,939,711
21$4,472,825$1,073,478$312,650$3,086,697
22$4,696,466$1,127,152$328,283$3,241,031
23$4,931,290$1,183,510$344,697$3,403,083
24$5,177,854$1,242,685$361,932$3,573,237
25$5,436,747$1,304,819$380,029$3,751,899
26$5,708,584$1,370,060$399,030$3,939,494
27$5,994,013$1,438,563$418,982$4,136,469
28$6,293,714$1,510,491$439,931$4,343,292
29$6,608,400$1,586,016$461,927$4,560,457
30$6,938,820$1,665,317$485,024$4,788,480
Total$112,000,000$26,880,000$7,828,800$77,291,200
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