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Powerball Annuity Jackpot Analysis for New York

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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 $60,000,000 would be for a resident of New York, 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:

New York

Drawing Date:  Wed, Jul 30, 2014
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$267,451$94,357$707,998
2$1,112,598$278,150$98,131$736,317
3$1,157,102$289,276$102,056$765,770
4$1,203,386$300,847$106,139$796,401
5$1,251,522$312,880$110,384$828,257
6$1,301,583$325,396$114,800$861,387
7$1,353,646$338,411$119,392$895,843
8$1,407,792$351,948$124,167$931,677
9$1,464,103$366,026$129,134$968,944
10$1,522,667$380,667$134,299$1,007,701
11$1,583,574$395,894$139,671$1,048,009
12$1,646,917$411,729$145,258$1,089,930
13$1,712,794$428,198$151,068$1,133,527
14$1,781,306$445,326$157,111$1,178,868
15$1,852,558$463,139$163,396$1,226,023
16$1,926,660$481,665$169,931$1,275,064
17$2,003,726$500,932$176,729$1,326,066
18$2,083,876$520,969$183,798$1,379,109
19$2,167,231$541,808$191,150$1,434,273
20$2,253,920$563,480$198,796$1,491,644
21$2,344,077$586,019$206,748$1,551,310
22$2,437,840$609,460$215,017$1,613,362
23$2,535,353$633,838$223,618$1,677,897
24$2,636,767$659,192$232,563$1,745,013
25$2,742,238$685,560$241,865$1,814,813
26$2,851,928$712,982$251,540$1,887,406
27$2,966,005$741,501$261,602$1,962,902
28$3,084,645$771,161$272,066$2,041,418
29$3,208,031$802,008$282,948$2,123,075
30$3,336,352$834,088$294,266$2,207,998
Total$60,000,000$15,000,000$5,292,000$39,708,000
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