USA Mega

West Virginia Powerball Jackpot Annuity Payout Schedule for Apr 24, 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 $28,200,000 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:Mon, Apr 24, 2023
Jackpot:$28,200,000
Federal Tax:37% marginal rate
State Tax: 6.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$424,450$118,932$27,589$277,929
2$445,673$126,360$28,969$290,344
3$467,957$134,160$30,417$303,380
4$491,354$142,349$31,938$317,068
5$515,922$150,948$33,535$331,440
6$541,718$159,976$35,212$346,530
7$568,804$169,456$36,972$362,376
8$597,244$179,410$38,821$379,013
9$627,107$190,217$40,762$396,128
10$658,462$201,819$42,800$413,843
11$691,385$214,000$44,940$432,445
12$725,954$226,791$47,187$451,976
13$762,252$240,221$49,546$472,485
14$800,365$254,323$52,024$494,018
15$840,383$269,129$54,625$516,629
16$882,402$284,677$57,356$540,369
17$926,522$301,001$60,224$565,297
18$972,848$318,142$63,235$591,472
19$1,021,491$336,139$66,397$618,954
20$1,072,565$355,037$69,717$647,812
21$1,126,193$374,879$73,203$678,112
22$1,182,503$395,714$76,863$709,927
23$1,241,628$417,590$80,706$743,332
24$1,303,710$440,560$84,741$778,408
25$1,368,895$464,679$88,978$815,238
26$1,437,340$490,004$93,427$853,909
27$1,509,207$516,594$98,098$894,514
28$1,584,667$544,515$103,003$937,149
29$1,663,901$573,831$108,154$981,916
30$1,747,096$604,613$113,561$1,028,921
Total$28,200,000$9,196,066$1,833,000$17,170,934

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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.