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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 $127,000,000 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 31, 2020
Jackpot:$127,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$458,768$124,250$1,328,515
2$2,007,109$481,706$130,462$1,394,941
3$2,107,464$505,791$136,985$1,464,688
4$2,212,838$531,081$143,834$1,537,922
5$2,323,479$557,635$151,026$1,614,818
6$2,439,653$585,517$158,577$1,695,559
7$2,561,636$614,793$166,506$1,780,337
8$2,689,718$645,532$174,832$1,869,354
9$2,824,204$677,809$183,573$1,962,822
10$2,965,414$711,699$192,752$2,060,963
11$3,113,685$747,284$202,390$2,164,011
12$3,269,369$784,649$212,509$2,272,211
13$3,432,837$823,881$223,134$2,385,822
14$3,604,479$865,075$234,291$2,505,113
15$3,784,703$908,329$246,006$2,630,369
16$3,973,938$953,745$258,306$2,761,887
17$4,172,635$1,001,432$271,221$2,899,981
18$4,381,267$1,051,504$284,782$3,044,981
19$4,600,330$1,104,079$299,021$3,197,230
20$4,830,347$1,159,283$313,973$3,357,091
21$5,071,864$1,217,247$329,671$3,524,946
22$5,325,457$1,278,110$346,155$3,701,193
23$5,591,730$1,342,015$363,462$3,886,253
24$5,871,317$1,409,116$381,636$4,080,565
25$6,164,883$1,479,572$400,717$4,284,593
26$6,473,127$1,553,550$420,753$4,498,823
27$6,796,783$1,631,228$441,791$4,723,764
28$7,136,622$1,712,789$463,880$4,959,952
29$7,493,453$1,798,429$487,074$5,207,950
30$7,868,126$1,888,350$511,428$5,468,348
Total$127,000,000$30,480,000$8,255,000$88,265,000
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