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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 $135,000,000 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, Jan 18, 2017
Jackpot:$135,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,031,944$507,986$81,278$1,442,680
2$2,133,541$533,385$85,342$1,514,814
3$2,240,218$560,054$89,609$1,590,555
4$2,352,229$588,057$94,089$1,670,083
5$2,469,840$617,460$98,794$1,753,587
6$2,593,332$648,333$103,733$1,841,266
7$2,722,999$680,750$108,920$1,933,329
8$2,859,149$714,787$114,366$2,029,996
9$3,002,106$750,527$120,084$2,131,496
10$3,152,212$788,053$126,088$2,238,070
11$3,309,822$827,456$132,393$2,349,974
12$3,475,313$868,828$139,013$2,467,472
13$3,649,079$912,270$145,963$2,590,846
14$3,831,533$957,883$153,261$2,720,388
15$4,023,110$1,005,777$160,924$2,856,408
16$4,224,265$1,056,066$168,971$2,999,228
17$4,435,478$1,108,870$177,419$3,149,190
18$4,657,252$1,164,313$186,290$3,306,649
19$4,890,115$1,222,529$195,605$3,471,982
20$5,134,621$1,283,655$205,385$3,645,581
21$5,391,352$1,347,838$215,654$3,827,860
22$5,660,919$1,415,230$226,437$4,019,253
23$5,943,965$1,485,991$237,759$4,220,215
24$6,241,163$1,560,291$249,647$4,431,226
25$6,553,222$1,638,305$262,129$4,652,787
26$6,880,883$1,720,221$275,235$4,885,427
27$7,224,927$1,806,232$288,997$5,129,698
28$7,586,173$1,896,543$303,447$5,386,183
29$7,965,482$1,991,370$318,619$5,655,492
30$8,363,756$2,090,939$334,550$5,938,267
Total$135,000,000$33,750,000$5,400,000$95,850,000
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