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Powerball Annuity Jackpot Analysis for West Virginia (Jul. 18, 2020 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 $97,000,000 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:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$94,899$1,014,692
2$1,532,989$367,917$99,644$1,065,427
3$1,609,638$386,313$104,626$1,118,698
4$1,690,120$405,629$109,858$1,174,633
5$1,774,626$425,910$115,351$1,233,365
6$1,863,357$447,206$121,118$1,295,033
7$1,956,525$469,566$127,174$1,359,785
8$2,054,351$493,044$133,533$1,427,774
9$2,157,069$517,697$140,209$1,499,163
10$2,264,922$543,581$147,220$1,574,121
11$2,378,169$570,760$154,581$1,652,827
12$2,497,077$599,298$162,310$1,735,469
13$2,621,931$629,263$170,426$1,822,242
14$2,753,027$660,727$178,947$1,913,354
15$2,890,679$693,763$187,894$2,009,022
16$3,035,213$728,451$197,289$2,109,473
17$3,186,973$764,874$207,153$2,214,946
18$3,346,322$803,117$217,511$2,325,694
19$3,513,638$843,273$228,386$2,441,978
20$3,689,320$885,437$239,806$2,564,077
21$3,873,786$929,709$251,796$2,692,281
22$4,067,475$976,194$264,386$2,826,895
23$4,270,849$1,025,004$277,605$2,968,240
24$4,484,391$1,076,254$291,485$3,116,652
25$4,708,611$1,130,067$306,060$3,272,485
26$4,944,042$1,186,570$321,363$3,436,109
27$5,191,244$1,245,899$337,431$3,607,914
28$5,450,806$1,308,193$354,302$3,788,310
29$5,723,346$1,373,603$372,018$3,977,726
30$6,009,514$1,442,283$390,618$4,176,612
Total$97,000,000$23,280,000$6,305,000$67,415,000
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