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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 $176,000,000 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, Feb 13, 2016
Jackpot:$176,000,000
Federal Tax:  25%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,649,053$662,263$172,188$1,814,601
2$2,781,505$695,376$180,798$1,905,331
3$2,920,580$730,145$189,838$2,000,598
4$3,066,610$766,652$199,330$2,100,628
5$3,219,940$804,985$209,296$2,205,659
6$3,380,937$845,234$219,761$2,315,942
7$3,549,984$887,496$230,749$2,431,739
8$3,727,483$931,871$242,286$2,553,326
9$3,913,857$978,464$254,401$2,680,992
10$4,109,550$1,027,388$267,121$2,815,042
11$4,315,028$1,078,757$280,477$2,955,794
12$4,530,779$1,132,695$294,501$3,103,584
13$4,757,318$1,189,329$309,226$3,258,763
14$4,995,184$1,248,796$324,687$3,421,701
15$5,244,943$1,311,236$340,921$3,592,786
16$5,507,190$1,376,798$357,967$3,772,425
17$5,782,550$1,445,637$375,866$3,961,046
18$6,071,677$1,517,919$394,659$4,159,099
19$6,375,261$1,593,815$414,392$4,367,054
20$6,694,024$1,673,506$435,112$4,585,406
21$7,028,725$1,757,181$456,867$4,814,677
22$7,380,161$1,845,040$479,710$5,055,411
23$7,749,169$1,937,292$503,696$5,308,181
24$8,136,628$2,034,157$528,881$5,573,590
25$8,543,459$2,135,865$555,325$5,852,270
26$8,970,632$2,242,658$583,091$6,144,883
27$9,419,164$2,354,791$612,246$6,452,127
28$9,890,122$2,472,531$642,858$6,774,734
29$10,384,628$2,596,157$675,001$7,113,470
30$10,903,860$2,725,965$708,751$7,469,144
Total$176,000,000$44,000,000$11,440,000$120,560,000
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