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Powerball Annuity Jackpot Analysis for West Virginia (Oct. 24, 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 $602,500,000 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. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$589,452$6,302,600
2$9,521,914$2,285,259$618,924$6,617,730
3$9,998,010$2,399,522$649,871$6,948,617
4$10,497,911$2,519,499$682,364$7,296,048
5$11,022,806$2,645,473$716,482$7,660,850
6$11,573,946$2,777,747$752,306$8,043,893
7$12,152,644$2,916,634$789,922$8,446,087
8$12,760,276$3,062,466$829,418$8,868,392
9$13,398,290$3,215,589$870,889$9,311,811
10$14,068,204$3,376,369$914,433$9,777,402
11$14,771,614$3,545,187$960,155$10,266,272
12$15,510,195$3,722,447$1,008,163$10,779,585
13$16,285,705$3,908,569$1,058,571$11,318,565
14$17,099,990$4,103,998$1,111,499$11,884,493
15$17,954,989$4,309,197$1,167,074$12,478,718
16$18,852,739$4,524,657$1,225,428$13,102,654
17$19,795,375$4,750,890$1,286,699$13,757,786
18$20,785,144$4,988,435$1,351,034$14,445,675
19$21,824,401$5,237,856$1,418,586$15,167,959
20$22,915,622$5,499,749$1,489,515$15,926,357
21$24,061,403$5,774,737$1,563,991$16,722,675
22$25,264,473$6,063,473$1,642,191$17,558,809
23$26,527,697$6,366,647$1,724,300$18,436,749
24$27,854,081$6,684,979$1,810,515$19,358,586
25$29,246,785$7,019,228$1,901,041$20,326,516
26$30,709,125$7,370,190$1,996,093$21,342,842
27$32,244,581$7,738,699$2,095,898$22,409,984
28$33,856,810$8,125,634$2,200,693$23,530,483
29$35,549,650$8,531,916$2,310,727$24,707,007
30$37,327,133$8,958,512$2,426,264$25,942,358
Total$602,500,001$144,600,000$39,162,500$418,737,501
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