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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:  Wed, Apr 1, 2015
Jackpot:$50,000,000
Federal Tax:  25%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$891,505$222,876$57,948$610,681
2$927,165$231,791$60,266$635,108
3$964,252$241,063$62,676$660,512
4$1,002,822$250,705$65,183$686,933
5$1,042,935$260,734$67,791$714,410
6$1,084,652$271,163$70,502$742,987
7$1,128,038$282,010$73,322$772,706
8$1,173,160$293,290$76,255$803,614
9$1,220,086$305,022$79,306$835,759
10$1,268,890$317,222$82,478$869,189
11$1,319,645$329,911$85,777$903,957
12$1,372,431$343,108$89,208$940,115
13$1,427,328$356,832$92,776$977,720
14$1,484,421$371,105$96,487$1,016,829
15$1,543,798$385,950$100,347$1,057,502
16$1,605,550$401,388$104,361$1,099,802
17$1,669,772$417,443$108,535$1,143,794
18$1,736,563$434,141$112,877$1,189,546
19$1,806,025$451,506$117,392$1,237,127
20$1,878,266$469,567$122,087$1,286,613
21$1,953,397$488,349$126,971$1,338,077
22$2,031,533$507,883$132,050$1,391,600
23$2,112,794$528,199$137,332$1,447,264
24$2,197,306$549,327$142,825$1,505,155
25$2,285,198$571,300$148,538$1,565,361
26$2,376,606$594,152$154,479$1,627,975
27$2,471,671$617,918$160,659$1,693,094
28$2,570,537$642,634$167,085$1,760,818
29$2,673,359$668,340$173,768$1,831,251
30$2,780,293$695,073$180,719$1,904,501
Total$50,000,000$12,500,000$3,250,000$34,250,000
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