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Powerball Annuity Jackpot Analysis for Virginia (Nov. 3, 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 $53,000,000 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. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$31,909$574,363
2$837,612$201,027$33,504$603,081
3$879,493$211,078$35,180$633,235
4$923,468$221,632$36,939$664,897
5$969,641$232,714$38,786$698,142
6$1,018,123$244,350$40,725$733,049
7$1,069,029$256,567$42,761$769,701
8$1,122,481$269,395$44,899$808,186
9$1,178,605$282,865$47,144$848,595
10$1,237,535$297,008$49,501$891,025
11$1,299,412$311,859$51,976$935,576
12$1,364,382$327,452$54,575$982,355
13$1,432,601$343,824$57,304$1,031,473
14$1,504,231$361,016$60,169$1,083,047
15$1,579,443$379,066$63,178$1,137,199
16$1,658,415$398,020$66,337$1,194,059
17$1,741,336$417,921$69,653$1,253,762
18$1,828,403$438,817$73,136$1,316,450
19$1,919,823$460,757$76,793$1,382,272
20$2,015,814$483,795$80,633$1,451,386
21$2,116,605$507,985$84,664$1,523,955
22$2,222,435$533,384$88,897$1,600,153
23$2,333,557$560,054$93,342$1,680,161
24$2,450,235$588,056$98,009$1,764,169
25$2,572,746$617,459$102,910$1,852,377
26$2,701,384$648,332$108,055$1,944,996
27$2,836,453$680,749$113,458$2,042,246
28$2,978,275$714,786$119,131$2,144,358
29$3,127,189$750,525$125,088$2,251,576
30$3,283,549$788,052$131,342$2,364,155
Total$53,000,000$12,720,000$2,120,000$38,160,000
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