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Powerball Annuity Jackpot Analysis for West Virginia (Jan. 5, 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 $69,000,000 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. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$67,506$721,792
2$1,090,476$261,714$70,881$757,881
3$1,145,000$274,800$74,425$795,775
4$1,202,250$288,540$78,146$835,564
5$1,262,363$302,967$82,054$877,342
6$1,325,481$318,115$86,156$921,209
7$1,391,755$334,021$90,464$967,270
8$1,461,343$350,722$94,987$1,015,633
9$1,534,410$368,258$99,737$1,066,415
10$1,611,130$386,671$104,723$1,119,736
11$1,691,687$406,005$109,960$1,175,722
12$1,776,271$426,305$115,458$1,234,509
13$1,865,085$447,620$121,231$1,296,234
14$1,958,339$470,001$127,292$1,361,046
15$2,056,256$493,501$133,657$1,429,098
16$2,159,069$518,177$140,339$1,500,553
17$2,267,022$544,085$147,356$1,575,580
18$2,380,373$571,290$154,724$1,654,360
19$2,499,392$599,854$162,460$1,737,077
20$2,624,362$629,847$170,584$1,823,931
21$2,755,580$661,339$179,113$1,915,128
22$2,893,359$694,406$188,068$2,010,884
23$3,038,027$729,126$197,472$2,111,429
24$3,189,928$765,583$207,345$2,217,000
25$3,349,424$803,862$217,713$2,327,850
26$3,516,896$844,055$228,598$2,444,242
27$3,692,740$886,258$240,028$2,566,455
28$3,877,377$930,571$252,030$2,694,777
29$4,071,246$977,099$264,631$2,829,516
30$4,274,809$1,025,954$277,863$2,970,992
Total$69,000,000$16,560,000$4,485,000$47,955,000
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