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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 $100,000,000 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, Mar 7, 2015
Jackpot:$100,000,000
Federal Tax:  25%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,783,010$445,752$115,896$1,221,362
2$1,854,330$463,583$120,531$1,270,216
3$1,928,504$482,126$125,353$1,321,025
4$2,005,644$501,411$130,367$1,373,866
5$2,085,869$521,467$135,582$1,428,821
6$2,169,304$542,326$141,005$1,485,973
7$2,256,076$564,019$146,645$1,545,412
8$2,346,319$586,580$152,511$1,607,229
9$2,440,172$610,043$158,611$1,671,518
10$2,537,779$634,445$164,956$1,738,379
11$2,639,290$659,823$171,554$1,807,914
12$2,744,862$686,215$178,416$1,880,230
13$2,854,656$713,664$185,553$1,955,440
14$2,968,843$742,211$192,975$2,033,657
15$3,087,596$771,899$200,694$2,115,003
16$3,211,100$802,775$208,722$2,199,604
17$3,339,544$834,886$217,070$2,287,588
18$3,473,126$868,281$225,753$2,379,091
19$3,612,051$903,013$234,783$2,474,255
20$3,756,533$939,133$244,175$2,573,225
21$3,906,794$976,699$253,942$2,676,154
22$4,063,066$1,015,767$264,099$2,783,200
23$4,225,589$1,056,397$274,663$2,894,528
24$4,394,612$1,098,653$285,650$3,010,309
25$4,570,397$1,142,599$297,076$3,130,722
26$4,753,213$1,188,303$308,959$3,255,951
27$4,943,341$1,235,835$321,317$3,386,189
28$5,141,075$1,285,269$334,170$3,521,636
29$5,346,718$1,336,679$347,537$3,662,502
30$5,560,586$1,390,147$361,438$3,809,002
Total$100,000,000$25,000,000$6,500,000$68,500,000
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