USA Mega

West Virginia Powerball Jackpot Annuity Payout Schedule for Apr 22, 2023

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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 $20,000,000 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:Sat, Apr 22, 2023
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 6.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$19,567$205,727
2$316,080$81,003$20,545$214,532
3$331,884$86,534$21,572$223,777
4$348,478$92,342$22,651$233,485
5$365,902$98,441$23,784$243,678
6$384,197$104,844$24,973$254,381
7$403,407$111,567$26,221$265,618
8$423,578$118,627$27,533$277,418
9$444,757$126,040$28,909$289,808
10$466,994$133,823$30,355$302,817
11$490,344$141,995$31,872$316,477
12$514,861$150,576$33,466$330,819
13$540,604$159,586$35,139$345,879
14$567,635$169,047$36,896$361,691
15$596,016$178,980$38,741$378,295
16$625,817$189,740$40,678$395,399
17$657,108$201,318$42,712$413,078
18$689,963$213,474$44,848$431,642
19$724,461$226,238$47,090$451,133
20$760,685$239,641$49,444$471,599
21$798,719$253,714$51,917$493,088
22$838,655$268,490$54,513$515,652
23$880,587$284,005$57,238$539,344
24$924,617$300,296$60,100$564,221
25$970,848$317,401$63,105$590,341
26$1,019,390$335,362$66,260$617,768
27$1,070,360$354,221$69,573$646,565
28$1,123,878$374,022$73,052$676,803
29$1,180,071$394,814$76,705$708,553
30$1,239,075$416,645$80,540$741,890
Total$20,000,000$6,198,521$1,299,999$12,501,478

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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.