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Powerball Annuity Jackpot Analysis for West 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 $70,000,000 would be for a resident of West 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:

West Virginia

Drawing Date:  Sat, Oct 1, 2016
Jackpot:$70,000,000
Federal Tax:  25%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$263,400$68,484$721,716
2$1,106,280$276,570$71,908$757,802
3$1,161,594$290,399$75,504$795,692
4$1,219,674$304,919$79,279$835,477
5$1,280,658$320,164$83,243$877,251
6$1,344,691$336,173$87,405$921,113
7$1,411,925$352,981$91,775$967,169
8$1,482,522$370,630$96,364$1,015,527
9$1,556,648$389,162$101,182$1,066,304
10$1,634,480$408,620$106,241$1,119,619
11$1,716,204$429,051$111,553$1,175,600
12$1,802,014$450,504$117,131$1,234,380
13$1,892,115$473,029$122,987$1,296,099
14$1,986,721$496,680$129,137$1,360,904
15$2,086,057$521,514$135,594$1,428,949
16$2,190,360$547,590$142,373$1,500,396
17$2,299,878$574,969$149,492$1,575,416
18$2,414,872$603,718$156,967$1,654,187
19$2,535,615$633,904$164,815$1,736,896
20$2,662,396$665,599$173,056$1,823,741
21$2,795,516$698,879$181,709$1,914,928
22$2,935,291$733,823$190,794$2,010,675
23$3,082,056$770,514$200,334$2,111,208
24$3,236,159$809,040$210,350$2,216,769
25$3,397,967$849,492$220,868$2,327,607
26$3,567,865$891,966$231,911$2,443,988
27$3,746,258$936,565$243,507$2,566,187
28$3,933,571$983,393$255,682$2,694,496
29$4,130,250$1,032,562$268,466$2,829,221
30$4,336,762$1,084,191$281,890$2,970,682
Total$70,000,000$17,500,000$4,550,000$47,950,000
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