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Powerball Annuity Jackpot Analysis for Connecticut (Nov. 7, 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 $71,000,000 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. 7, 2018
Jackpot:$71,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,068,652$256,476$74,699$737,477
2$1,122,084$269,300$78,434$774,351
3$1,178,189$282,765$82,355$813,068
4$1,237,098$296,904$86,473$853,721
5$1,298,953$311,749$90,797$896,407
6$1,363,901$327,336$95,337$941,228
7$1,432,096$343,703$100,103$988,289
8$1,503,701$360,888$105,109$1,037,704
9$1,578,886$378,933$110,364$1,089,589
10$1,657,830$397,879$115,882$1,144,068
11$1,740,721$417,773$121,676$1,201,272
12$1,827,757$438,662$127,760$1,261,335
13$1,919,145$460,595$134,148$1,324,402
14$2,015,103$483,625$140,856$1,390,622
15$2,115,858$507,806$147,898$1,460,153
16$2,221,651$533,196$155,293$1,533,161
17$2,332,733$559,856$163,058$1,609,819
18$2,449,370$587,849$171,211$1,690,310
19$2,571,838$617,241$179,771$1,774,826
20$2,700,430$648,103$188,760$1,863,567
21$2,835,452$680,508$198,198$1,956,745
22$2,977,224$714,534$208,108$2,054,582
23$3,126,085$750,260$218,513$2,157,312
24$3,282,390$787,774$229,439$2,265,177
25$3,446,509$827,162$240,911$2,378,436
26$3,618,835$868,520$252,957$2,497,358
27$3,799,776$911,946$265,604$2,622,226
28$3,989,765$957,544$278,885$2,753,337
29$4,189,253$1,005,421$292,829$2,891,004
30$4,398,716$1,055,692$307,470$3,035,554
Total$71,000,000$17,040,000$4,962,900$48,997,100
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