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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 $304,000,000 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, Feb 23, 2019
Jackpot:$304,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,575,636$1,098,153$297,416$3,180,067
2$4,804,418$1,153,060$312,287$3,339,071
3$5,044,639$1,210,713$327,902$3,506,024
4$5,296,871$1,271,249$344,297$3,681,325
5$5,561,714$1,334,811$361,511$3,865,391
6$5,839,800$1,401,552$379,587$4,058,661
7$6,131,790$1,471,630$398,566$4,261,594
8$6,438,380$1,545,211$418,495$4,474,674
9$6,760,299$1,622,472$439,419$4,698,408
10$7,098,314$1,703,595$461,390$4,933,328
11$7,453,229$1,788,775$484,460$5,179,994
12$7,825,891$1,878,214$508,683$5,438,994
13$8,217,185$1,972,124$534,117$5,710,944
14$8,628,045$2,070,731$560,823$5,996,491
15$9,059,447$2,174,267$588,864$6,296,316
16$9,512,419$2,282,981$618,307$6,611,131
17$9,988,040$2,397,130$649,223$6,941,688
18$10,487,442$2,516,986$681,684$7,288,772
19$11,011,814$2,642,835$715,768$7,653,211
20$11,562,405$2,774,977$751,556$8,035,871
21$12,140,525$2,913,726$789,134$8,437,665
22$12,747,551$3,059,412$828,591$8,859,548
23$13,384,929$3,212,383$870,020$9,302,526
24$14,054,175$3,373,002$913,521$9,767,652
25$14,756,884$3,541,652$959,197$10,256,034
26$15,494,729$3,718,735$1,007,157$10,768,836
27$16,269,465$3,904,672$1,057,515$11,307,278
28$17,082,938$4,099,905$1,110,391$11,872,642
29$17,937,085$4,304,900$1,165,911$12,466,274
30$18,833,939$4,520,145$1,224,206$13,089,588
Total$304,000,001$72,960,000$19,760,000$211,280,000
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