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Powerball Annuity Jackpot Analysis for West Virginia (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$93,921$1,004,232
2$1,517,185$364,124$98,617$1,054,443
3$1,593,044$382,331$103,548$1,107,165
4$1,672,696$401,447$108,725$1,162,524
5$1,756,331$421,519$114,162$1,220,650
6$1,844,147$442,595$119,870$1,281,682
7$1,936,355$464,725$125,863$1,345,767
8$2,033,173$487,961$132,156$1,413,055
9$2,134,831$512,359$138,764$1,483,708
10$2,241,573$537,977$145,702$1,557,893
11$2,353,651$564,876$152,987$1,635,788
12$2,471,334$593,120$160,637$1,717,577
13$2,594,901$622,776$168,669$1,803,456
14$2,724,646$653,915$177,102$1,893,629
15$2,860,878$686,611$185,957$1,988,310
16$3,003,922$720,941$195,255$2,087,726
17$3,154,118$756,988$205,018$2,192,112
18$3,311,824$794,838$215,269$2,301,718
19$3,477,415$834,580$226,032$2,416,803
20$3,651,286$876,309$237,334$2,537,644
21$3,833,850$920,124$249,200$2,664,526
22$4,025,543$966,130$261,660$2,797,752
23$4,226,820$1,014,437$274,743$2,937,640
24$4,438,161$1,065,159$288,480$3,084,522
25$4,660,069$1,118,416$302,904$3,238,748
26$4,893,072$1,174,337$318,050$3,400,685
27$5,137,726$1,233,054$333,952$3,570,719
28$5,394,612$1,294,707$350,650$3,749,255
29$5,664,343$1,359,442$368,182$3,936,718
30$5,947,560$1,427,414$386,591$4,133,554
Total$96,000,000$23,040,000$6,240,000$66,720,000
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