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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 $128,000,000 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:  Sat, Apr 19, 2014
Jackpot:$128,000,000
Federal Tax:  25%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,282,253$570,563$201,295$1,510,395
2$2,373,543$593,386$209,346$1,570,811
3$2,468,485$617,121$217,720$1,633,643
4$2,567,224$641,806$226,429$1,698,989
5$2,669,913$667,478$235,486$1,766,948
6$2,776,709$694,177$244,906$1,837,626
7$2,887,778$721,944$254,702$1,911,131
8$3,003,289$750,822$264,890$1,987,577
9$3,123,420$780,855$275,486$2,067,080
10$3,248,357$812,089$286,505$2,149,763
11$3,378,291$844,573$297,965$2,235,753
12$3,513,423$878,356$309,884$2,325,183
13$3,653,960$913,490$322,279$2,418,191
14$3,800,118$950,030$335,170$2,514,918
15$3,952,123$988,031$348,577$2,615,515
16$4,110,208$1,027,552$362,520$2,720,136
17$4,274,616$1,068,654$377,021$2,828,941
18$4,445,601$1,111,400$392,102$2,942,099
19$4,623,425$1,155,856$407,786$3,059,783
20$4,808,362$1,202,091$424,098$3,182,174
21$5,000,697$1,250,174$441,061$3,309,461
22$5,200,725$1,300,181$458,704$3,441,840
23$5,408,754$1,352,188$477,052$3,579,513
24$5,625,104$1,406,276$496,134$3,722,694
25$5,850,108$1,462,527$515,980$3,871,601
26$6,084,112$1,521,028$536,619$4,026,465
27$6,327,477$1,581,869$558,083$4,187,524
28$6,580,576$1,645,144$580,407$4,355,025
29$6,843,799$1,710,950$603,623$4,529,226
30$7,117,551$1,779,388$627,768$4,710,395
Total$128,000,000$32,000,000$11,289,600$84,710,400
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