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Powerball Annuity Jackpot Analysis for Florida

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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 $70,000,000 would be for a resident of Florida, 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:

Florida

Drawing Date:  Sat, Aug 2, 2014
Jackpot:$70,000,000
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$1,248,107$312,027$0$936,080
2$1,298,031$324,508$0$973,523
3$1,349,952$337,488$0$1,012,464
4$1,403,951$350,988$0$1,052,963
5$1,460,109$365,027$0$1,095,081
6$1,518,513$379,628$0$1,138,885
7$1,579,253$394,813$0$1,184,440
8$1,642,424$410,606$0$1,231,818
9$1,708,121$427,030$0$1,281,090
10$1,776,445$444,111$0$1,332,334
11$1,847,503$461,876$0$1,385,627
12$1,921,403$480,351$0$1,441,052
13$1,998,259$499,565$0$1,498,695
14$2,078,190$519,547$0$1,558,642
15$2,161,317$540,329$0$1,620,988
16$2,247,770$561,943$0$1,685,828
17$2,337,681$584,420$0$1,753,261
18$2,431,188$607,797$0$1,823,391
19$2,528,436$632,109$0$1,896,327
20$2,629,573$657,393$0$1,972,180
21$2,734,756$683,689$0$2,051,067
22$2,844,146$711,037$0$2,133,110
23$2,957,912$739,478$0$2,218,434
24$3,076,229$769,057$0$2,307,171
25$3,199,278$799,819$0$2,399,458
26$3,327,249$831,812$0$2,495,437
27$3,460,339$865,085$0$2,595,254
28$3,598,752$899,688$0$2,699,064
29$3,742,702$935,676$0$2,807,027
30$3,892,411$973,103$0$2,919,308
Total$70,000,000$17,500,000$0$52,500,000
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