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Powerball Annuity Jackpot Analysis for West Virginia (Nov. 10, 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 $92,000,000 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:  Nov. 10, 2018
Jackpot:$92,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$90,008$962,389
2$1,453,969$348,952$94,508$1,010,508
3$1,526,667$366,400$99,233$1,061,034
4$1,603,000$384,720$104,195$1,114,085
5$1,683,150$403,956$109,405$1,169,790
6$1,767,308$424,154$114,875$1,228,279
7$1,855,673$445,362$120,619$1,289,693
8$1,948,457$467,630$126,650$1,354,178
9$2,045,880$491,011$132,982$1,421,887
10$2,148,174$515,562$139,631$1,492,981
11$2,255,583$541,340$146,613$1,567,630
12$2,368,362$568,407$153,944$1,646,011
13$2,486,780$596,827$161,641$1,728,312
14$2,611,119$626,669$169,723$1,814,728
15$2,741,675$658,002$178,209$1,905,464
16$2,878,758$690,902$187,119$2,000,737
17$3,022,696$725,447$196,475$2,100,774
18$3,173,831$761,719$206,299$2,205,813
19$3,332,523$799,805$216,614$2,316,103
20$3,499,149$839,796$227,445$2,431,908
21$3,674,106$881,786$238,817$2,553,504
22$3,857,812$925,875$250,758$2,681,179
23$4,050,702$972,169$263,296$2,815,238
24$4,253,237$1,020,777$276,460$2,956,000
25$4,465,899$1,071,816$290,283$3,103,800
26$4,689,194$1,125,407$304,798$3,258,990
27$4,923,654$1,181,677$320,038$3,421,939
28$5,169,837$1,240,761$336,039$3,593,036
29$5,428,328$1,302,799$352,841$3,772,688
30$5,699,745$1,367,939$370,483$3,961,323
Total$92,000,000$22,080,000$5,980,000$63,940,000
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