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Powerball Annuity Jackpot Analysis for Connecticut (Nov. 10, 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 $92,000,000 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:  Nov. 10, 2018
Jackpot:$92,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$96,793$955,604
2$1,453,969$348,952$101,632$1,003,384
3$1,526,667$366,400$106,714$1,053,553
4$1,603,000$384,720$112,050$1,106,231
5$1,683,150$403,956$117,652$1,161,542
6$1,767,308$424,154$123,535$1,219,619
7$1,855,673$445,362$129,712$1,280,600
8$1,948,457$467,630$136,197$1,344,630
9$2,045,880$491,011$143,007$1,411,862
10$2,148,174$515,562$150,157$1,482,455
11$2,255,583$541,340$157,665$1,556,578
12$2,368,362$568,407$165,548$1,634,406
13$2,486,780$596,827$173,826$1,716,127
14$2,611,119$626,669$182,517$1,801,933
15$2,741,675$658,002$191,643$1,892,030
16$2,878,758$690,902$201,225$1,986,631
17$3,022,696$725,447$211,286$2,085,963
18$3,173,831$761,719$221,851$2,190,261
19$3,332,523$799,805$232,943$2,299,774
20$3,499,149$839,796$244,591$2,414,763
21$3,674,106$881,786$256,820$2,535,501
22$3,857,812$925,875$269,661$2,662,276
23$4,050,702$972,169$283,144$2,795,390
24$4,253,237$1,020,777$297,301$2,935,159
25$4,465,899$1,071,816$312,166$3,081,917
26$4,689,194$1,125,407$327,775$3,236,013
27$4,923,654$1,181,677$344,163$3,397,814
28$5,169,837$1,240,761$361,372$3,567,704
29$5,428,328$1,302,799$379,440$3,746,089
30$5,699,745$1,367,939$398,412$3,933,394
Total$92,000,000$22,080,000$6,430,800$63,489,200
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