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Powerball Annuity Jackpot Analysis for Maine

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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 Maine, 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:

Maine

Drawing Date:  Sat, Apr 19, 2014
Jackpot:$128,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,282,253$570,563$114,113$1,597,577
2$2,373,543$593,386$118,677$1,661,480
3$2,468,485$617,121$123,424$1,727,939
4$2,567,224$641,806$128,361$1,797,057
5$2,669,913$667,478$133,496$1,868,939
6$2,776,709$694,177$138,835$1,943,697
7$2,887,778$721,944$144,389$2,021,444
8$3,003,289$750,822$150,164$2,102,302
9$3,123,420$780,855$156,171$2,186,394
10$3,248,357$812,089$162,418$2,273,850
11$3,378,291$844,573$168,915$2,364,804
12$3,513,423$878,356$175,671$2,459,396
13$3,653,960$913,490$182,698$2,557,772
14$3,800,118$950,030$190,006$2,660,083
15$3,952,123$988,031$197,606$2,766,486
16$4,110,208$1,027,552$205,510$2,877,146
17$4,274,616$1,068,654$213,731$2,992,232
18$4,445,601$1,111,400$222,280$3,111,921
19$4,623,425$1,155,856$231,171$3,236,398
20$4,808,362$1,202,091$240,418$3,365,854
21$5,000,697$1,250,174$250,035$3,500,488
22$5,200,725$1,300,181$260,036$3,640,507
23$5,408,754$1,352,188$270,438$3,786,127
24$5,625,104$1,406,276$281,255$3,937,573
25$5,850,108$1,462,527$292,505$4,095,075
26$6,084,112$1,521,028$304,206$4,258,878
27$6,327,477$1,581,869$316,374$4,429,234
28$6,580,576$1,645,144$329,029$4,606,403
29$6,843,799$1,710,950$342,190$4,790,659
30$7,117,551$1,779,388$355,878$4,982,285
Total$128,000,000$32,000,000$6,400,000$89,600,000
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