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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 $158,000,000 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 8, 2020
Jackpot:$158,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,378,127$570,750$154,578$1,652,798
2$2,497,033$599,288$162,307$1,735,438
3$2,621,885$629,252$170,423$1,822,210
4$2,752,979$660,715$178,944$1,913,320
5$2,890,628$693,751$187,891$2,008,986
6$3,035,159$728,438$197,285$2,109,436
7$3,186,917$764,860$207,150$2,214,908
8$3,346,263$803,103$217,507$2,325,653
9$3,513,576$843,258$228,382$2,441,936
10$3,689,255$885,421$239,802$2,564,032
11$3,873,718$929,692$251,792$2,692,234
12$4,067,404$976,177$264,381$2,826,846
13$4,270,774$1,024,986$277,600$2,968,188
14$4,484,313$1,076,235$291,480$3,116,597
15$4,708,528$1,130,047$306,054$3,272,427
16$4,943,955$1,186,549$321,357$3,436,049
17$5,191,152$1,245,877$337,425$3,607,851
18$5,450,710$1,308,170$354,296$3,788,243
19$5,723,246$1,373,579$372,011$3,977,656
20$6,009,408$1,442,258$390,612$4,176,538
21$6,309,878$1,514,371$410,142$4,385,365
22$6,625,372$1,590,089$430,649$4,604,634
23$6,956,641$1,669,594$452,182$4,834,865
24$7,304,473$1,753,073$474,791$5,076,609
25$7,669,696$1,840,727$498,530$5,330,439
26$8,053,181$1,932,764$523,457$5,596,961
27$8,455,840$2,029,402$549,630$5,876,809
28$8,878,632$2,130,872$577,111$6,170,649
29$9,322,564$2,237,415$605,967$6,479,182
30$9,788,692$2,349,286$636,265$6,803,141
Total$158,000,000$37,920,000$10,270,000$109,810,000
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