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Powerball Annuity Jackpot Analysis for West Virginia (Sep. 23, 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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:6.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$21,524$230,136
2$347,688$83,445$22,600$241,643
3$365,073$87,617$23,730$253,725
4$383,326$91,998$24,916$266,412
5$402,492$96,598$26,162$279,732
6$422,617$101,428$27,470$293,719
7$443,748$106,500$28,844$308,405
8$465,935$111,824$30,286$323,825
9$489,232$117,416$31,800$340,016
10$513,694$123,287$33,390$357,017
11$539,378$129,451$35,060$374,868
12$566,347$135,923$36,813$393,611
13$594,665$142,720$38,653$413,292
14$624,398$149,856$40,586$433,957
15$655,618$157,348$42,615$455,654
16$688,399$165,216$44,746$478,437
17$722,819$173,476$46,983$502,359
18$758,960$182,150$49,332$527,477
19$796,908$191,258$51,799$553,851
20$836,753$200,821$54,389$581,543
21$878,591$210,862$57,108$610,620
22$922,520$221,405$59,964$641,152
23$968,646$232,475$62,962$673,209
24$1,017,078$244,099$66,110$706,870
25$1,067,932$256,304$69,416$742,213
26$1,121,329$269,119$72,886$779,324
27$1,177,395$282,575$76,531$818,290
28$1,236,265$296,704$80,357$859,204
29$1,298,079$311,539$84,375$902,165
30$1,362,982$327,116$88,594$947,273
Total$22,000,000$5,280,000$1,430,000$15,290,000
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