USA Mega

West Virginia Powerball Jackpot Annuity Payout Schedule for Sep 25, 2002

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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 $14,000,000 for a ticket purchased in 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 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:

West Virginia

Drawing Date:Wed, Sep 25, 2002
Jackpot:$14,000,000
Federal Tax:37% marginal rate
State Tax: 6.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$249,621$57,742$16,225$175,654
2$259,606$61,237$16,874$181,495
3$269,990$64,871$17,549$187,570
4$280,790$68,651$18,251$193,887
5$292,022$72,582$18,981$200,458
6$303,703$76,671$19,741$207,291
7$315,851$80,922$20,530$214,398
8$328,485$85,344$21,352$221,789
9$341,624$89,943$22,206$229,475
10$355,289$94,726$23,094$237,469
11$369,501$99,700$24,018$245,783
12$384,281$104,873$24,978$254,429
13$399,652$110,253$25,977$263,422
14$415,638$115,848$27,016$272,773
15$432,263$121,667$28,097$282,499
16$449,554$127,719$29,221$292,614
17$467,536$134,012$30,390$303,134
18$486,238$140,558$31,605$314,074
19$505,687$147,365$32,870$325,452
20$525,915$154,445$34,184$337,285
21$546,951$161,808$35,552$349,592
22$568,829$169,465$36,974$362,390
23$591,582$177,429$38,453$375,701
24$615,246$185,829$39,991$389,426
25$639,856$194,934$41,591$403,331
26$665,450$204,404$43,254$417,791
27$692,068$214,253$44,984$432,831
28$719,750$224,495$46,784$448,471
29$748,540$235,148$48,655$464,738
30$778,482$246,226$50,601$481,655
Total$14,000,000$4,023,120$909,998$9,066,877

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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.