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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 $80,000,000 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:  Wed, May 25, 2016
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,204,115$301,029$78,267$824,819
2$1,264,321$316,080$82,181$866,060
3$1,327,537$331,884$86,290$909,363
4$1,393,913$348,478$90,604$954,831
5$1,463,609$365,902$95,135$1,002,572
6$1,536,790$384,197$99,891$1,052,701
7$1,613,629$403,407$104,886$1,105,336
8$1,694,310$423,578$110,130$1,160,603
9$1,779,026$444,757$115,637$1,218,633
10$1,867,977$466,994$121,419$1,279,564
11$1,961,376$490,344$127,489$1,343,543
12$2,059,445$514,861$133,864$1,410,720
13$2,162,417$540,604$140,557$1,481,256
14$2,270,538$567,635$147,585$1,555,319
15$2,384,065$596,016$154,964$1,633,084
16$2,503,268$625,817$162,712$1,714,739
17$2,628,432$657,108$170,848$1,800,476
18$2,759,853$689,963$179,390$1,890,499
19$2,897,846$724,461$188,360$1,985,024
20$3,042,738$760,685$197,778$2,084,276
21$3,194,875$798,719$207,667$2,188,489
22$3,354,619$838,655$218,050$2,297,914
23$3,522,350$880,587$228,953$2,412,810
24$3,698,467$924,617$240,400$2,533,450
25$3,883,391$970,848$252,420$2,660,123
26$4,077,560$1,019,390$265,041$2,793,129
27$4,281,438$1,070,360$278,293$2,932,785
28$4,495,510$1,123,878$292,208$3,079,424
29$4,720,286$1,180,071$306,819$3,233,396
30$4,956,300$1,239,075$322,159$3,395,065
Total$80,000,000$20,000,000$5,200,000$54,800,000
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