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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 $50,000,000 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, Aug 24, 2019
Jackpot:$50,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$752,572$180,617$48,917$523,037
2$790,200$189,648$51,363$549,189
3$829,710$199,130$53,931$576,649
4$871,196$209,087$56,628$605,481
5$914,756$219,541$59,459$635,755
6$960,493$230,518$62,432$667,543
7$1,008,518$242,044$65,554$700,920
8$1,058,944$254,147$68,831$735,966
9$1,111,891$266,854$72,273$772,764
10$1,167,486$280,197$75,887$811,403
11$1,225,860$294,206$79,681$851,973
12$1,287,153$308,917$83,665$894,571
13$1,351,511$324,363$87,848$939,300
14$1,419,086$340,581$92,241$986,265
15$1,490,041$357,610$96,853$1,035,578
16$1,564,543$375,490$101,695$1,087,357
17$1,642,770$394,265$106,780$1,141,725
18$1,724,908$413,978$112,119$1,198,811
19$1,811,154$434,677$117,725$1,258,752
20$1,901,711$456,411$123,611$1,321,689
21$1,996,797$479,231$129,792$1,387,774
22$2,096,637$503,193$136,281$1,457,163
23$2,201,469$528,352$143,095$1,530,021
24$2,311,542$554,770$150,250$1,606,522
25$2,427,119$582,509$157,763$1,686,848
26$2,548,475$611,634$165,651$1,771,190
27$2,675,899$642,216$173,933$1,859,750
28$2,809,694$674,327$182,630$1,952,737
29$2,950,178$708,043$191,762$2,050,374
30$3,097,687$743,445$201,350$2,152,893
Total$50,000,000$12,000,000$3,250,000$34,750,000
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