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Powerball Annuity Jackpot Analysis for Virginia

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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 $67,000,000 would be for a resident of Virginia, 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:

Virginia

Drawing Date:  Wed, Dec 7, 2016
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$40,338$715,997
2$1,058,868$264,717$42,355$751,797
3$1,111,812$277,953$44,472$789,386
4$1,167,403$291,851$46,696$828,856
5$1,225,773$306,443$49,031$870,299
6$1,287,061$321,765$51,482$913,813
7$1,351,414$337,854$54,057$959,504
8$1,418,985$354,746$56,759$1,007,479
9$1,489,934$372,484$59,597$1,057,853
10$1,564,431$391,108$62,577$1,110,746
11$1,642,653$410,663$65,706$1,166,283
12$1,724,785$431,196$68,991$1,224,597
13$1,811,024$452,756$72,441$1,285,827
14$1,901,576$475,394$76,063$1,350,119
15$1,996,654$499,164$79,866$1,417,625
16$2,096,487$524,122$83,859$1,488,506
17$2,201,311$550,328$88,052$1,562,931
18$2,311,377$577,844$92,455$1,641,078
19$2,426,946$606,736$97,078$1,723,132
20$2,548,293$637,073$101,932$1,809,288
21$2,675,708$668,927$107,028$1,899,753
22$2,809,493$702,373$112,380$1,994,740
23$2,949,968$737,492$117,999$2,094,477
24$3,097,466$774,367$123,899$2,199,201
25$3,252,340$813,085$130,094$2,309,161
26$3,414,957$853,739$136,598$2,424,619
27$3,585,704$896,426$143,428$2,545,850
28$3,764,990$941,247$150,600$2,673,143
29$3,953,239$988,310$158,130$2,806,800
30$4,150,901$1,037,725$166,036$2,947,140
Total$67,000,000$16,750,000$2,680,000$47,570,000
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