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Powerball Annuity Jackpot Analysis for West Virginia (Oct. 27, 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 $687,800,000 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. 27, 2018
Jackpot:$687,800,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$672,905$7,194,902
2$10,869,996$2,608,799$706,550$7,554,647
3$11,413,496$2,739,239$741,877$7,932,379
4$11,984,171$2,876,201$778,971$8,328,999
5$12,583,379$3,020,011$817,920$8,745,448
6$13,212,548$3,171,011$858,816$9,182,721
7$13,873,176$3,329,562$901,756$9,641,857
8$14,566,834$3,496,040$946,844$10,123,950
9$15,295,176$3,670,842$994,186$10,630,147
10$16,059,935$3,854,384$1,043,896$11,161,655
11$16,862,932$4,047,104$1,096,091$11,719,737
12$17,706,078$4,249,459$1,150,895$12,305,724
13$18,591,382$4,461,932$1,208,440$12,921,010
14$19,520,951$4,685,028$1,268,862$13,567,061
15$20,496,998$4,919,280$1,332,305$14,245,414
16$21,521,849$5,165,244$1,398,920$14,957,685
17$22,597,941$5,423,506$1,468,866$15,705,569
18$23,727,838$5,694,681$1,542,309$16,490,847
19$24,914,230$5,979,415$1,619,425$17,315,390
20$26,159,941$6,278,386$1,700,396$18,181,159
21$27,467,938$6,592,305$1,785,416$19,090,217
22$28,841,335$6,921,920$1,874,687$20,044,728
23$30,283,402$7,268,016$1,968,421$21,046,964
24$31,797,572$7,631,417$2,066,842$22,099,312
25$33,387,450$8,012,988$2,170,184$23,204,278
26$35,056,823$8,413,638$2,278,694$24,364,492
27$36,809,665$8,834,319$2,392,628$25,582,717
28$38,650,147$9,276,035$2,512,260$26,861,852
29$40,582,655$9,739,837$2,637,873$28,204,945
30$42,611,788$10,226,829$2,769,766$29,615,193
Total$687,800,001$165,072,000$44,707,000$478,021,001
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