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Powerball Annuity Jackpot Analysis for West Virginia (Apr. 3, 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 $54,000,000 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. 3, 2019
Jackpot:$54,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$195,067$52,831$564,880
2$853,416$204,820$55,472$593,124
3$896,087$215,061$58,246$622,781
4$940,892$225,814$61,158$653,920
5$987,936$237,105$64,216$686,616
6$1,037,333$248,960$67,427$720,946
7$1,089,200$261,408$70,798$756,994
8$1,143,660$274,478$74,338$794,843
9$1,200,843$288,202$78,055$834,586
10$1,260,885$302,612$81,958$876,315
11$1,323,929$317,743$86,055$920,131
12$1,390,125$333,630$90,358$966,137
13$1,459,632$350,312$94,876$1,014,444
14$1,532,613$367,827$99,620$1,065,166
15$1,609,244$386,219$104,601$1,118,424
16$1,689,706$405,529$109,831$1,174,346
17$1,774,191$425,806$115,322$1,233,063
18$1,862,901$447,096$121,089$1,294,716
19$1,956,046$469,451$127,143$1,359,452
20$2,053,848$492,924$133,500$1,427,425
21$2,156,541$517,570$140,175$1,498,796
22$2,264,368$543,448$147,184$1,573,736
23$2,377,586$570,621$154,543$1,652,422
24$2,496,465$599,152$162,270$1,735,043
25$2,621,289$629,109$170,384$1,821,796
26$2,752,353$660,565$178,903$1,912,885
27$2,889,971$693,593$187,848$2,008,530
28$3,034,469$728,273$197,241$2,108,956
29$3,186,193$764,686$207,103$2,214,404
30$3,345,502$802,921$217,458$2,325,124
Total$54,000,000$12,960,000$3,510,000$37,530,000
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