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Powerball Annuity Jackpot Analysis for West Virginia (Apr. 20, 2019 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 $136,000,000 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:  Apr. 20, 2019
Jackpot:$136,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,046,995$491,279$133,055$1,422,662
2$2,149,345$515,843$139,707$1,493,795
3$2,256,812$541,635$146,693$1,568,484
4$2,369,653$568,717$154,027$1,646,909
5$2,488,135$597,152$161,729$1,729,254
6$2,612,542$627,010$169,815$1,815,717
7$2,743,169$658,361$178,306$1,906,503
8$2,880,328$691,279$187,221$2,001,828
9$3,024,344$725,843$196,582$2,101,919
10$3,175,561$762,135$206,411$2,207,015
11$3,334,339$800,241$216,732$2,317,366
12$3,501,056$840,254$227,569$2,433,234
13$3,676,109$882,266$238,947$2,554,896
14$3,859,915$926,380$250,894$2,682,641
15$4,052,910$972,699$263,439$2,816,773
16$4,255,556$1,021,333$276,611$2,957,611
17$4,468,334$1,072,400$290,442$3,105,492
18$4,691,750$1,126,020$304,964$3,260,767
19$4,926,338$1,182,321$320,212$3,423,805
20$5,172,655$1,241,437$336,223$3,594,995
21$5,431,288$1,303,509$353,034$3,774,745
22$5,702,852$1,368,684$370,685$3,963,482
23$5,987,995$1,437,119$389,220$4,161,656
24$6,287,394$1,508,975$408,681$4,369,739
25$6,601,764$1,584,423$429,115$4,588,226
26$6,931,852$1,663,645$450,570$4,817,637
27$7,278,445$1,746,827$473,099$5,058,519
28$7,642,367$1,834,168$496,754$5,311,445
29$8,024,485$1,925,876$521,592$5,577,017
30$8,425,710$2,022,170$547,671$5,855,868
Total$136,000,000$32,640,000$8,840,000$94,520,000
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