USA Mega

West Virginia Powerball Jackpot Annuity Payout Schedule for May 29, 2013

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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 $40,000,000 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, May 29, 2013
Jackpot:$40,000,000
Federal Tax:37% marginal rate
State Tax: 6.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$222,073$46,358$444,772
2$741,732$232,629$48,213$460,891
3$771,401$243,606$50,141$477,654
4$802,257$255,023$52,147$495,088
5$834,348$266,896$54,233$513,219
6$867,722$279,245$56,402$532,075
7$902,431$292,087$58,658$551,686
8$938,528$305,443$61,004$572,080
9$976,069$319,333$63,444$593,291
10$1,015,112$333,779$65,982$615,350
11$1,055,716$348,803$68,622$638,292
12$1,097,945$364,427$71,366$662,151
13$1,141,863$380,677$74,221$686,965
14$1,187,537$397,576$77,190$712,771
15$1,235,039$415,152$80,278$739,609
16$1,284,440$433,431$83,489$767,521
17$1,335,818$452,440$86,828$796,549
18$1,389,250$472,210$90,301$826,739
19$1,444,820$492,771$93,913$858,136
20$1,502,613$514,155$97,670$890,789
21$1,562,718$536,393$101,577$924,748
22$1,625,226$559,522$105,640$960,065
23$1,690,235$583,575$109,865$996,795
24$1,757,845$608,590$114,260$1,034,995
25$1,828,159$634,606$118,830$1,074,722
26$1,901,285$661,663$123,584$1,116,038
27$1,977,336$689,802$128,527$1,159,007
28$2,056,430$719,067$133,668$1,203,695
29$2,138,687$749,502$139,015$1,250,170
30$2,224,235$781,155$144,575$1,298,505
Total$40,000,000$13,545,631$2,600,001$23,854,368

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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.