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Powerball Annuity Jackpot Analysis for West Virginia (Jul. 29, 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 $126,000,000 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. 29, 2020
Jackpot:$126,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,896,481$455,155$123,271$1,318,054
2$1,991,305$477,913$129,435$1,383,957
3$2,090,870$501,809$135,907$1,453,155
4$2,195,414$526,899$142,702$1,525,812
5$2,305,184$553,244$149,837$1,602,103
6$2,420,443$580,906$157,329$1,682,208
7$2,541,466$609,952$165,195$1,766,319
8$2,668,539$640,449$173,455$1,854,635
9$2,801,966$672,472$182,128$1,947,366
10$2,942,064$706,095$191,234$2,044,735
11$3,089,167$741,400$200,796$2,146,971
12$3,243,626$778,470$210,836$2,254,320
13$3,405,807$817,394$221,377$2,367,036
14$3,576,097$858,263$232,446$2,485,388
15$3,754,902$901,177$244,069$2,609,657
16$3,942,647$946,235$256,272$2,740,140
17$4,139,780$993,547$269,086$2,877,147
18$4,346,769$1,043,225$282,540$3,021,004
19$4,564,107$1,095,386$296,667$3,172,055
20$4,792,313$1,150,155$311,500$3,330,657
21$5,031,928$1,207,663$327,075$3,497,190
22$5,283,525$1,268,046$343,429$3,672,050
23$5,547,701$1,331,448$360,601$3,855,652
24$5,825,086$1,398,021$378,631$4,048,435
25$6,116,340$1,467,922$397,562$4,250,856
26$6,422,157$1,541,318$417,440$4,463,399
27$6,743,265$1,618,384$438,312$4,686,569
28$7,080,428$1,699,303$460,228$4,920,898
29$7,434,450$1,784,268$483,239$5,166,943
30$7,806,172$1,873,481$507,401$5,425,290
Total$126,000,000$30,240,000$8,190,000$87,570,000
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