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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 $125,000,000 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, May 30, 2020
Jackpot:$125,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,881,429$451,543$122,293$1,307,593
2$1,975,501$474,120$128,408$1,372,973
3$2,074,276$497,826$134,828$1,441,622
4$2,177,990$522,718$141,569$1,513,703
5$2,286,889$548,853$148,648$1,589,388
6$2,401,234$576,296$156,080$1,668,857
7$2,521,295$605,111$163,884$1,752,300
8$2,647,360$635,366$172,078$1,839,915
9$2,779,728$667,135$180,682$1,931,911
10$2,918,715$700,491$189,716$2,028,507
11$3,064,650$735,516$199,202$2,129,932
12$3,217,883$772,292$209,162$2,236,429
13$3,378,777$810,906$219,620$2,348,250
14$3,547,716$851,452$230,602$2,465,662
15$3,725,102$894,024$242,132$2,588,946
16$3,911,357$938,726$254,238$2,718,393
17$4,106,924$985,662$266,950$2,854,312
18$4,312,271$1,034,945$280,298$2,997,028
19$4,527,884$1,086,692$294,312$3,146,879
20$4,754,278$1,141,027$309,028$3,304,223
21$4,991,992$1,198,078$324,479$3,469,435
22$5,241,592$1,257,982$340,703$3,642,906
23$5,503,672$1,320,881$357,739$3,825,052
24$5,778,855$1,386,925$375,626$4,016,304
25$6,067,798$1,456,271$394,407$4,217,119
26$6,371,188$1,529,085$414,127$4,427,975
27$6,689,747$1,605,539$434,834$4,649,374
28$7,024,234$1,685,816$456,575$4,881,843
29$7,375,446$1,770,107$479,404$5,125,935
30$7,744,219$1,858,612$503,374$5,382,232
Total$125,000,000$30,000,000$8,125,000$86,875,000
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