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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 $67,000,000 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, Dec 7, 2016
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$65,549$690,786
2$1,058,868$264,717$68,826$725,325
3$1,111,812$277,953$72,268$761,591
4$1,167,403$291,851$75,881$799,671
5$1,225,773$306,443$79,675$839,654
6$1,287,061$321,765$83,659$881,637
7$1,351,414$337,854$87,842$925,719
8$1,418,985$354,746$92,234$972,005
9$1,489,934$372,484$96,846$1,020,605
10$1,564,431$391,108$101,688$1,071,635
11$1,642,653$410,663$106,772$1,125,217
12$1,724,785$431,196$112,111$1,181,478
13$1,811,024$452,756$117,717$1,240,552
14$1,901,576$475,394$123,602$1,302,579
15$1,996,654$499,164$129,783$1,367,708
16$2,096,487$524,122$136,272$1,436,094
17$2,201,311$550,328$143,085$1,507,898
18$2,311,377$577,844$150,240$1,583,293
19$2,426,946$606,736$157,751$1,662,458
20$2,548,293$637,073$165,639$1,745,581
21$2,675,708$668,927$173,921$1,832,860
22$2,809,493$702,373$182,617$1,924,503
23$2,949,968$737,492$191,748$2,020,728
24$3,097,466$774,367$201,335$2,121,764
25$3,252,340$813,085$211,402$2,227,853
26$3,414,957$853,739$221,972$2,339,245
27$3,585,704$896,426$233,071$2,456,208
28$3,764,990$941,247$244,724$2,579,018
29$3,953,239$988,310$256,961$2,707,969
30$4,150,901$1,037,725$269,809$2,843,367
Total$67,000,000$16,750,000$4,355,000$45,895,000
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