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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 $314,000,000 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, Apr 30, 2016
Jackpot:$314,000,000
Federal Tax:  25%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,726,151$1,181,538$307,200$3,237,413
2$4,962,458$1,240,615$322,560$3,399,284
3$5,210,581$1,302,645$338,688$3,569,248
4$5,471,110$1,367,778$355,622$3,747,711
5$5,744,665$1,436,166$373,403$3,935,096
6$6,031,899$1,507,975$392,073$4,131,851
7$6,333,494$1,583,373$411,677$4,338,443
8$6,650,169$1,662,542$432,261$4,555,366
9$6,982,677$1,745,669$453,874$4,783,134
10$7,331,811$1,832,953$476,568$5,022,290
11$7,698,401$1,924,600$500,396$5,273,405
12$8,083,321$2,020,830$525,416$5,537,075
13$8,487,488$2,121,872$551,687$5,813,929
14$8,911,862$2,227,965$579,271$6,104,625
15$9,357,455$2,339,364$608,235$6,409,857
16$9,825,328$2,456,332$638,646$6,730,350
17$10,316,594$2,579,149$670,579$7,066,867
18$10,832,424$2,708,106$704,108$7,420,210
19$11,374,045$2,843,511$739,313$7,791,221
20$11,942,747$2,985,687$776,279$8,180,782
21$12,539,885$3,134,971$815,092$8,589,821
22$13,166,879$3,291,720$855,847$9,019,312
23$13,825,223$3,456,306$898,639$9,470,278
24$14,516,484$3,629,121$943,571$9,943,791
25$15,242,308$3,810,577$990,750$10,440,981
26$16,004,424$4,001,106$1,040,288$10,963,030
27$16,804,645$4,201,161$1,092,302$11,511,182
28$17,644,877$4,411,219$1,146,917$12,086,741
29$18,527,121$4,631,780$1,204,263$12,691,078
30$19,453,477$4,863,369$1,264,476$13,325,632
Total$314,000,001$78,500,000$20,410,000$215,090,000
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