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Powerball Annuity Jackpot Analysis for Virginia (Oct. 24, 2018 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 $602,500,000 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:  Oct. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$362,740$6,529,313
2$9,521,914$2,285,259$380,877$6,855,778
3$9,998,010$2,399,522$399,920$7,198,567
4$10,497,911$2,519,499$419,916$7,558,496
5$11,022,806$2,645,473$440,912$7,936,420
6$11,573,946$2,777,747$462,958$8,333,241
7$12,152,644$2,916,634$486,106$8,749,903
8$12,760,276$3,062,466$510,411$9,187,399
9$13,398,290$3,215,589$535,932$9,646,768
10$14,068,204$3,376,369$562,728$10,129,107
11$14,771,614$3,545,187$590,865$10,635,562
12$15,510,195$3,722,447$620,408$11,167,340
13$16,285,705$3,908,569$651,428$11,725,707
14$17,099,990$4,103,998$684,000$12,311,993
15$17,954,989$4,309,197$718,200$12,927,592
16$18,852,739$4,524,657$754,110$13,573,972
17$19,795,375$4,750,890$791,815$14,252,670
18$20,785,144$4,988,435$831,406$14,965,304
19$21,824,401$5,237,856$872,976$15,713,569
20$22,915,622$5,499,749$916,625$16,499,248
21$24,061,403$5,774,737$962,456$17,324,210
22$25,264,473$6,063,473$1,010,579$18,190,420
23$26,527,697$6,366,647$1,061,108$19,099,942
24$27,854,081$6,684,979$1,114,163$20,054,938
25$29,246,785$7,019,228$1,169,871$21,057,685
26$30,709,125$7,370,190$1,228,365$22,110,570
27$32,244,581$7,738,699$1,289,783$23,216,098
28$33,856,810$8,125,634$1,354,272$24,376,903
29$35,549,650$8,531,916$1,421,986$25,595,748
30$37,327,133$8,958,512$1,493,085$26,875,536
Total$602,500,001$144,600,000$24,100,000$433,800,001
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