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Powerball Annuity Jackpot Analysis for West Virginia (Oct. 31, 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 $40,000,000 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:  Oct. 31, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$39,134$418,430
2$632,160$151,718$41,090$439,351
3$663,768$159,304$43,145$461,319
4$696,957$167,270$45,302$484,385
5$731,805$175,633$47,567$508,604
6$768,395$184,415$49,946$534,034
7$806,815$193,635$52,443$560,736
8$847,155$203,317$55,065$588,773
9$889,513$213,483$57,818$618,212
10$933,989$224,157$60,709$649,122
11$980,688$235,365$63,745$681,578
12$1,029,722$247,133$66,932$715,657
13$1,081,209$259,490$70,279$751,440
14$1,135,269$272,465$73,792$789,012
15$1,192,032$286,088$77,482$828,463
16$1,251,634$300,392$81,356$869,886
17$1,314,216$315,412$85,424$913,380
18$1,379,927$331,182$89,695$959,049
19$1,448,923$347,742$94,180$1,007,001
20$1,521,369$365,129$98,889$1,057,352
21$1,597,438$383,385$103,833$1,110,219
22$1,677,309$402,554$109,025$1,165,730
23$1,761,175$422,682$114,476$1,224,017
24$1,849,234$443,816$120,200$1,285,217
25$1,941,695$466,007$126,210$1,349,478
26$2,038,780$489,307$132,521$1,416,952
27$2,140,719$513,773$139,147$1,487,800
28$2,247,755$539,461$146,104$1,562,190
29$2,360,143$566,434$153,409$1,640,299
30$2,478,150$594,756$161,080$1,722,314
Total$40,000,000$9,600,000$2,600,000$27,800,000
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