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Powerball Annuity Jackpot Analysis for West Virginia (Dec. 15, 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 $246,000,000 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:  Dec. 15, 2018
Jackpot:$246,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,702,653$888,637$240,672$2,573,344
2$3,887,786$933,069$252,706$2,702,011
3$4,082,175$979,722$265,341$2,837,112
4$4,286,284$1,028,708$278,608$2,978,967
5$4,500,598$1,080,143$292,539$3,127,915
6$4,725,628$1,134,151$307,166$3,284,311
7$4,961,909$1,190,858$322,524$3,448,527
8$5,210,005$1,250,401$338,650$3,620,953
9$5,470,505$1,312,921$355,583$3,802,001
10$5,744,030$1,378,567$373,362$3,992,101
11$6,031,232$1,447,496$392,030$4,191,706
12$6,332,793$1,519,870$411,632$4,401,291
13$6,649,433$1,595,864$432,213$4,621,356
14$6,981,905$1,675,657$453,824$4,852,424
15$7,331,000$1,759,440$476,515$5,095,045
16$7,697,550$1,847,412$500,341$5,349,797
17$8,082,427$1,939,783$525,358$5,617,287
18$8,486,549$2,036,772$551,626$5,898,151
19$8,910,876$2,138,610$579,207$6,193,059
20$9,356,420$2,245,541$608,167$6,502,712
21$9,824,241$2,357,818$638,576$6,827,847
22$10,315,453$2,475,709$670,504$7,169,240
23$10,831,226$2,599,494$704,030$7,527,702
24$11,372,787$2,729,469$739,231$7,904,087
25$11,941,426$2,865,942$776,193$8,299,291
26$12,538,497$3,009,239$815,002$8,714,256
27$13,165,422$3,159,701$855,752$9,149,969
28$13,823,693$3,317,686$898,540$9,607,467
29$14,514,878$3,483,571$943,467$10,087,840
30$15,240,622$3,657,749$990,640$10,592,232
Total$246,000,000$59,040,000$15,990,000$170,970,000
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