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Connecticut Powerball Jackpot Annuity Payout Schedule for Feb 28, 2024

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $412,000,000 for a ticket purchased in Connecticut, 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Connecticut

Drawing Date:Wed, Feb 28, 2024
Jackpot:$412,000,000
Federal Tax:37% marginal rate
State Tax: 6.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,201,191$2,252,629$433,463$3,515,099
2$6,511,251$2,367,351$455,136$3,688,764
3$6,836,813$2,487,809$477,893$3,871,111
4$7,178,654$2,614,290$501,788$4,062,576
5$7,537,587$2,747,095$526,877$4,263,614
6$7,914,466$2,886,540$553,221$4,474,705
7$8,310,190$3,032,958$580,882$4,696,349
8$8,725,699$3,186,696$609,926$4,929,076
9$9,161,984$3,348,122$640,423$5,173,439
10$9,620,083$3,517,618$672,444$5,430,021
11$10,101,087$3,695,590$706,066$5,699,431
12$10,606,142$3,882,460$741,369$5,982,312
13$11,136,449$4,078,674$778,438$6,279,337
14$11,693,271$4,284,698$817,360$6,591,213
15$12,277,935$4,501,024$858,228$6,918,683
16$12,891,831$4,728,165$901,139$7,262,527
17$13,536,423$4,966,664$946,196$7,623,563
18$14,213,244$5,217,088$993,506$8,002,650
19$14,923,906$5,480,033$1,043,181$8,400,692
20$15,670,102$5,756,125$1,095,340$8,818,636
21$16,453,606$6,046,022$1,150,107$9,257,477
22$17,276,287$6,350,414$1,207,612$9,718,260
23$18,140,101$6,670,025$1,267,993$10,202,083
24$19,047,106$7,005,617$1,331,393$10,710,096
25$19,999,461$7,357,988$1,397,962$11,243,511
26$20,999,435$7,727,979$1,467,860$11,803,596
27$22,049,407$8,116,468$1,541,254$12,391,685
28$23,151,877$8,524,382$1,618,316$13,009,178
29$24,309,470$8,952,692$1,699,232$13,657,547
30$25,524,944$9,402,417$1,784,194$14,338,333
Total$412,000,001$151,185,633$28,798,799$232,015,564

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.