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Powerball Annuity Jackpot Analysis for Connecticut (Jul. 18, 2020 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 $97,000,000 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:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$102,053$1,007,539
2$1,532,989$367,917$107,156$1,057,915
3$1,609,638$386,313$112,514$1,110,811
4$1,690,120$405,629$118,139$1,166,352
5$1,774,626$425,910$124,046$1,224,669
6$1,863,357$447,206$130,249$1,285,903
7$1,956,525$469,566$136,761$1,350,198
8$2,054,351$493,044$143,599$1,417,708
9$2,157,069$517,697$150,779$1,488,593
10$2,264,922$543,581$158,318$1,563,023
11$2,378,169$570,760$166,234$1,641,174
12$2,497,077$599,298$174,546$1,723,233
13$2,621,931$629,263$183,273$1,809,394
14$2,753,027$660,727$192,437$1,899,864
15$2,890,679$693,763$202,058$1,994,857
16$3,035,213$728,451$212,161$2,094,600
17$3,186,973$764,874$222,769$2,199,330
18$3,346,322$803,117$233,908$2,309,297
19$3,513,638$843,273$245,603$2,424,762
20$3,689,320$885,437$257,883$2,546,000
21$3,873,786$929,709$270,778$2,673,300
22$4,067,475$976,194$284,317$2,806,965
23$4,270,849$1,025,004$298,532$2,947,313
24$4,484,391$1,076,254$313,459$3,094,679
25$4,708,611$1,130,067$329,132$3,249,412
26$4,944,042$1,186,570$345,589$3,411,883
27$5,191,244$1,245,899$362,868$3,582,477
28$5,450,806$1,308,193$381,011$3,761,601
29$5,723,346$1,373,603$400,062$3,949,681
30$6,009,514$1,442,283$420,065$4,147,165
Total$97,000,000$23,280,000$6,780,300$66,939,700
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