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Powerball Annuity Jackpot Analysis for Connecticut (Nov. 3, 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 $53,000,000 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. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$55,761$550,511
2$837,612$201,027$58,549$578,036
3$879,493$211,078$61,477$606,938
4$923,468$221,632$64,550$637,285
5$969,641$232,714$67,778$669,149
6$1,018,123$244,350$71,167$702,607
7$1,069,029$256,567$74,725$737,737
8$1,122,481$269,395$78,461$774,624
9$1,178,605$282,865$82,384$813,355
10$1,237,535$297,008$86,504$854,023
11$1,299,412$311,859$90,829$896,724
12$1,364,382$327,452$95,370$941,560
13$1,432,601$343,824$100,139$988,638
14$1,504,231$361,016$105,146$1,038,070
15$1,579,443$379,066$110,403$1,089,974
16$1,658,415$398,020$115,923$1,144,472
17$1,741,336$417,921$121,719$1,201,696
18$1,828,403$438,817$127,805$1,261,781
19$1,919,823$460,757$134,196$1,324,870
20$2,015,814$483,795$140,905$1,391,113
21$2,116,605$507,985$147,951$1,460,669
22$2,222,435$533,384$155,348$1,533,702
23$2,333,557$560,054$163,116$1,610,387
24$2,450,235$588,056$171,271$1,690,907
25$2,572,746$617,459$179,835$1,775,452
26$2,701,384$648,332$188,827$1,864,225
27$2,836,453$680,749$198,268$1,957,436
28$2,978,275$714,786$208,181$2,055,308
29$3,127,189$750,525$218,591$2,158,073
30$3,283,549$788,052$229,520$2,265,977
Total$53,000,000$12,720,000$3,704,700$36,575,300
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