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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 $171,000,000 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:  Sat, May 30, 2015
Jackpot:$171,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,048,947$762,237$121,958$2,164,752
2$3,170,905$792,726$126,836$2,251,342
3$3,297,741$824,435$131,910$2,341,396
4$3,429,651$857,413$137,186$2,435,052
5$3,566,837$891,709$142,673$2,532,454
6$3,709,510$927,378$148,380$2,633,752
7$3,857,891$964,473$154,316$2,739,102
8$4,012,206$1,003,052$160,488$2,848,666
9$4,172,694$1,043,174$166,908$2,962,613
10$4,339,602$1,084,901$173,584$3,081,118
11$4,513,186$1,128,297$180,527$3,204,362
12$4,693,714$1,173,428$187,749$3,332,537
13$4,881,462$1,220,366$195,258$3,465,838
14$5,076,721$1,269,180$203,069$3,604,472
15$5,279,790$1,319,947$211,192$3,748,651
16$5,490,981$1,372,745$219,639$3,898,597
17$5,710,620$1,427,655$228,425$4,054,541
18$5,939,045$1,484,761$237,562$4,216,722
19$6,176,607$1,544,152$247,064$4,385,391
20$6,423,671$1,605,918$256,947$4,560,807
21$6,680,618$1,670,155$267,225$4,743,239
22$6,947,843$1,736,961$277,914$4,932,968
23$7,225,757$1,806,439$289,030$5,130,287
24$7,514,787$1,878,697$300,591$5,335,499
25$7,815,378$1,953,845$312,615$5,548,919
26$8,127,994$2,031,998$325,120$5,770,875
27$8,453,113$2,113,278$338,125$6,001,710
28$8,791,238$2,197,809$351,650$6,241,779
29$9,142,887$2,285,722$365,715$6,491,450
30$9,508,603$2,377,151$380,344$6,751,108
Total$171,000,000$42,750,000$6,840,000$121,410,000
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