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Powerball Annuity Jackpot Analysis for Delaware

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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 $128,000,000 would be for a resident of Delaware, 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:

Delaware

Drawing Date:  Sat, Apr 19, 2014
Jackpot:$128,000,000
Federal Tax:  25%
State Tax:No state tax on lottery prizes
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,282,253$570,563$0$1,711,690
2$2,373,543$593,386$0$1,780,157
3$2,468,485$617,121$0$1,851,363
4$2,567,224$641,806$0$1,925,418
5$2,669,913$667,478$0$2,002,435
6$2,776,709$694,177$0$2,082,532
7$2,887,778$721,944$0$2,165,833
8$3,003,289$750,822$0$2,252,467
9$3,123,420$780,855$0$2,342,565
10$3,248,357$812,089$0$2,436,268
11$3,378,291$844,573$0$2,533,719
12$3,513,423$878,356$0$2,635,067
13$3,653,960$913,490$0$2,740,470
14$3,800,118$950,030$0$2,850,089
15$3,952,123$988,031$0$2,964,092
16$4,110,208$1,027,552$0$3,082,656
17$4,274,616$1,068,654$0$3,205,962
18$4,445,601$1,111,400$0$3,334,201
19$4,623,425$1,155,856$0$3,467,569
20$4,808,362$1,202,091$0$3,606,272
21$5,000,697$1,250,174$0$3,750,523
22$5,200,725$1,300,181$0$3,900,543
23$5,408,754$1,352,188$0$4,056,565
24$5,625,104$1,406,276$0$4,218,828
25$5,850,108$1,462,527$0$4,387,581
26$6,084,112$1,521,028$0$4,563,084
27$6,327,477$1,581,869$0$4,745,607
28$6,580,576$1,645,144$0$4,935,432
29$6,843,799$1,710,950$0$5,132,849
30$7,117,551$1,779,388$0$5,338,163
Total$128,000,000$32,000,000$0$96,000,000
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