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Powerball Annuity Jackpot Analysis for Virginia (Nov. 10, 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 $92,000,000 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:  Nov. 10, 2018
Jackpot:$92,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$55,389$997,007
2$1,453,969$348,952$58,159$1,046,857
3$1,526,667$366,400$61,067$1,099,200
4$1,603,000$384,720$64,120$1,154,160
5$1,683,150$403,956$67,326$1,211,868
6$1,767,308$424,154$70,692$1,272,462
7$1,855,673$445,362$74,227$1,336,085
8$1,948,457$467,630$77,938$1,402,889
9$2,045,880$491,011$81,835$1,473,034
10$2,148,174$515,562$85,927$1,546,685
11$2,255,583$541,340$90,223$1,624,019
12$2,368,362$568,407$94,734$1,705,220
13$2,486,780$596,827$99,471$1,790,481
14$2,611,119$626,669$104,445$1,880,006
15$2,741,675$658,002$109,667$1,974,006
16$2,878,758$690,902$115,150$2,072,706
17$3,022,696$725,447$120,908$2,176,341
18$3,173,831$761,719$126,953$2,285,158
19$3,332,523$799,805$133,301$2,399,416
20$3,499,149$839,796$139,966$2,519,387
21$3,674,106$881,786$146,964$2,645,357
22$3,857,812$925,875$154,312$2,777,624
23$4,050,702$972,169$162,028$2,916,506
24$4,253,237$1,020,777$170,129$3,062,331
25$4,465,899$1,071,816$178,636$3,215,447
26$4,689,194$1,125,407$187,568$3,376,220
27$4,923,654$1,181,677$196,946$3,545,031
28$5,169,837$1,240,761$206,793$3,722,282
29$5,428,328$1,302,799$217,133$3,908,396
30$5,699,745$1,367,939$227,990$4,103,816
Total$92,000,000$22,080,000$3,680,000$66,240,000
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