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Powerball Annuity Jackpot Analysis for Ohio

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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 $150,000,000 would be for a resident of Ohio, 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:

Ohio

Drawing Date:  Wed, Apr 23, 2014
Jackpot:$150,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,674,515$668,629$106,981$1,898,906
2$2,781,495$695,374$111,260$1,974,862
3$2,892,755$723,189$115,710$2,053,856
4$3,008,465$752,116$120,339$2,136,011
5$3,128,804$782,201$125,152$2,221,451
6$3,253,956$813,489$130,158$2,310,309
7$3,384,115$846,029$135,365$2,402,721
8$3,519,479$879,870$140,779$2,498,830
9$3,660,258$915,065$146,410$2,598,783
10$3,806,669$951,667$152,267$2,702,735
11$3,958,935$989,734$158,357$2,810,844
12$4,117,293$1,029,323$164,692$2,923,278
13$4,281,984$1,070,496$171,279$3,040,209
14$4,453,264$1,113,316$178,131$3,161,817
15$4,631,394$1,157,849$185,256$3,288,290
16$4,816,650$1,204,163$192,666$3,419,822
17$5,009,316$1,252,329$200,373$3,556,614
18$5,209,689$1,302,422$208,388$3,698,879
19$5,418,076$1,354,519$216,723$3,846,834
20$5,634,799$1,408,700$225,392$4,000,708
21$5,860,191$1,465,048$234,408$4,160,736
22$6,094,599$1,523,650$243,784$4,327,165
23$6,338,383$1,584,596$253,535$4,500,252
24$6,591,918$1,647,980$263,677$4,680,262
25$6,855,595$1,713,899$274,224$4,867,473
26$7,129,819$1,782,455$285,193$5,062,171
27$7,415,012$1,853,753$296,600$5,264,658
28$7,711,612$1,927,903$308,464$5,475,245
29$8,020,077$2,005,019$320,803$5,694,254
30$8,340,880$2,085,220$333,635$5,922,025
Total$150,000,000$37,500,000$6,000,000$106,500,000
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