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Powerball Annuity Jackpot Analysis for Arizona

For an out-of-state resident

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The Powerball annuity jackpot is awarded according to an 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 would be for a resident of Arizona, 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Arizona

Drawing Date:  Sat, Apr 26, 2014
Jackpot:$40,000,000
Federal Tax:  25%
State Tax:6.00% (For an out-of-state resident)
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$178,301$42,792$492,111
2$741,732$185,433$44,504$511,795
3$771,401$192,850$46,284$532,267
4$802,257$200,564$48,135$553,558
5$834,348$208,587$50,061$575,700
6$867,722$216,930$52,063$598,728
7$902,431$225,608$54,146$622,677
8$938,528$234,632$56,312$647,584
9$976,069$244,017$58,564$673,488
10$1,015,112$253,778$60,907$700,427
11$1,055,716$263,929$63,343$728,444
12$1,097,945$274,486$65,877$757,582
13$1,141,863$285,466$68,512$787,885
14$1,187,537$296,884$71,252$819,401
15$1,235,039$308,760$74,102$852,177
16$1,284,440$321,110$77,066$886,264
17$1,335,818$333,954$80,149$921,714
18$1,389,250$347,313$83,355$958,583
19$1,444,820$361,205$86,689$996,926
20$1,502,613$375,653$90,157$1,036,803
21$1,562,718$390,679$93,763$1,078,275
22$1,625,226$406,307$97,514$1,121,406
23$1,690,235$422,559$101,414$1,166,262
24$1,757,845$439,461$105,471$1,212,913
25$1,828,159$457,040$109,690$1,261,429
26$1,901,285$475,321$114,077$1,311,887
27$1,977,336$494,334$118,640$1,364,362
28$2,056,430$514,107$123,386$1,418,937
29$2,138,687$534,672$128,321$1,475,694
30$2,224,235$556,059$133,454$1,534,722
Total$40,000,000$10,000,000$2,400,000$27,600,000
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