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Powerball Annuity Jackpot Analysis for West Virginia (Aug. 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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$45,982$491,655
2$742,788$178,269$48,281$516,238
3$779,928$187,183$50,695$542,050
4$818,924$196,542$53,230$569,152
5$859,870$206,369$55,892$597,610
6$902,864$216,687$58,686$627,490
7$948,007$227,522$61,620$658,865
8$995,407$238,898$64,701$691,808
9$1,045,178$250,843$67,937$726,399
10$1,097,437$263,385$71,333$762,718
11$1,152,308$276,554$74,900$800,854
12$1,209,924$290,382$78,645$840,897
13$1,270,420$304,901$82,577$882,942
14$1,333,941$320,146$86,706$927,089
15$1,400,638$336,153$91,041$973,444
16$1,470,670$352,961$95,594$1,022,116
17$1,544,204$370,609$100,373$1,073,221
18$1,621,414$389,139$105,392$1,126,883
19$1,702,484$408,596$110,661$1,183,227
20$1,787,609$429,026$116,195$1,242,388
21$1,876,989$450,477$122,004$1,304,507
22$1,970,839$473,001$128,105$1,369,733
23$2,069,380$496,651$134,510$1,438,219
24$2,172,849$521,484$141,235$1,510,130
25$2,281,492$547,558$148,297$1,585,637
26$2,395,567$574,936$155,712$1,664,919
27$2,515,345$603,683$163,497$1,748,165
28$2,641,112$633,867$171,672$1,835,573
29$2,773,168$665,560$180,256$1,927,352
30$2,911,826$698,838$189,269$2,023,719
Total$47,000,000$11,280,000$3,055,000$32,665,000
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