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Powerball Annuity Jackpot Analysis for Connecticut (Oct. 24, 2018 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 $602,500,000 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:  Oct. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$633,887$6,258,165
2$9,521,914$2,285,259$665,582$6,571,073
3$9,998,010$2,399,522$698,861$6,899,627
4$10,497,911$2,519,499$733,804$7,244,608
5$11,022,806$2,645,473$770,494$7,606,838
6$11,573,946$2,777,747$809,019$7,987,180
7$12,152,644$2,916,634$849,470$8,386,539
8$12,760,276$3,062,466$891,943$8,805,866
9$13,398,290$3,215,589$936,540$9,246,160
10$14,068,204$3,376,369$983,367$9,708,468
11$14,771,614$3,545,187$1,032,536$10,193,891
12$15,510,195$3,722,447$1,084,163$10,703,585
13$16,285,705$3,908,569$1,138,371$11,238,765
14$17,099,990$4,103,998$1,195,289$11,800,703
15$17,954,989$4,309,197$1,255,054$12,390,738
16$18,852,739$4,524,657$1,317,806$13,010,275
17$19,795,375$4,750,890$1,383,697$13,660,789
18$20,785,144$4,988,435$1,452,882$14,343,828
19$21,824,401$5,237,856$1,525,526$15,061,019
20$22,915,622$5,499,749$1,601,802$15,814,071
21$24,061,403$5,774,737$1,681,892$16,604,774
22$25,264,473$6,063,473$1,765,987$17,435,013
23$26,527,697$6,366,647$1,854,286$18,306,763
24$27,854,081$6,684,979$1,947,000$19,222,101
25$29,246,785$7,019,228$2,044,350$20,183,206
26$30,709,125$7,370,190$2,146,568$21,192,367
27$32,244,581$7,738,699$2,253,896$22,251,985
28$33,856,810$8,125,634$2,366,591$23,364,584
29$35,549,650$8,531,916$2,484,921$24,532,814
30$37,327,133$8,958,512$2,609,167$25,759,455
Total$602,500,001$144,600,000$42,114,750$415,785,251
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