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Powerball Annuity Jackpot Analysis for Virginia (Jan. 16, 2019 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 $112,000,000 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:  Jan. 16, 2019
Jackpot:$112,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,685,761$404,583$67,430$1,213,748
2$1,770,049$424,812$70,802$1,274,435
3$1,858,551$446,052$74,342$1,338,157
4$1,951,479$468,355$78,059$1,405,065
5$2,049,053$491,773$81,962$1,475,318
6$2,151,505$516,361$86,060$1,549,084
7$2,259,081$542,179$90,363$1,626,538
8$2,372,035$569,288$94,881$1,707,865
9$2,490,636$597,753$99,625$1,793,258
10$2,615,168$627,640$104,607$1,882,921
11$2,745,927$659,022$109,837$1,977,067
12$2,883,223$691,974$115,329$2,075,921
13$3,027,384$726,572$121,095$2,179,717
14$3,178,753$762,901$127,150$2,288,702
15$3,337,691$801,046$133,508$2,403,137
16$3,504,576$841,098$140,183$2,523,294
17$3,679,804$883,153$147,192$2,649,459
18$3,863,794$927,311$154,552$2,781,932
19$4,056,984$973,676$162,279$2,921,029
20$4,259,833$1,022,360$170,393$3,067,080
21$4,472,825$1,073,478$178,913$3,220,434
22$4,696,466$1,127,152$187,859$3,381,456
23$4,931,290$1,183,510$197,252$3,550,529
24$5,177,854$1,242,685$207,114$3,728,055
25$5,436,747$1,304,819$217,470$3,914,458
26$5,708,584$1,370,060$228,343$4,110,181
27$5,994,013$1,438,563$239,761$4,315,690
28$6,293,714$1,510,491$251,749$4,531,474
29$6,608,400$1,586,016$264,336$4,758,048
30$6,938,820$1,665,317$277,553$4,995,950
Total$112,000,000$26,880,000$4,480,000$80,640,000
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