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Powerball Annuity Jackpot Analysis for West Virginia (Oct. 20, 2018 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 $476,700,000 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:  Oct. 20, 2018
Jackpot:$476,700,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,175,019$1,722,005$466,376$4,986,638
2$7,533,770$1,808,105$489,695$5,235,970
3$7,910,458$1,898,510$514,180$5,497,769
4$8,305,982$1,993,436$539,889$5,772,657
5$8,721,280$2,093,107$566,883$6,061,290
6$9,157,345$2,197,763$595,227$6,364,354
7$9,615,212$2,307,651$624,989$6,682,572
8$10,095,973$2,423,033$656,238$7,016,701
9$10,600,771$2,544,185$689,050$7,367,536
10$11,130,810$2,671,394$723,503$7,735,913
11$11,687,350$2,804,964$759,678$8,122,708
12$12,271,718$2,945,212$797,662$8,528,844
13$12,885,303$3,092,473$837,545$8,955,286
14$13,529,569$3,247,097$879,422$9,403,050
15$14,206,047$3,409,451$923,393$9,873,203
16$14,916,350$3,579,924$969,563$10,366,863
17$15,662,167$3,758,920$1,018,041$10,885,206
18$16,445,275$3,946,866$1,068,943$11,429,466
19$17,267,539$4,144,209$1,122,390$12,000,940
20$18,130,916$4,351,420$1,178,510$12,600,987
21$19,037,462$4,568,991$1,237,435$13,231,036
22$19,989,335$4,797,440$1,299,307$13,892,588
23$20,988,802$5,037,312$1,364,272$14,587,217
24$22,038,241$5,289,178$1,432,486$15,316,578
25$23,140,153$5,553,637$1,504,110$16,082,407
26$24,297,162$5,831,319$1,579,316$16,886,527
27$25,512,020$6,122,885$1,658,281$17,730,854
28$26,787,620$6,429,029$1,741,195$18,617,396
29$28,127,001$6,750,480$1,828,255$19,548,266
30$29,533,352$7,088,004$1,919,668$20,525,679
Total$476,700,001$114,408,000$30,985,500$331,306,501
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