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Powerball Annuity Jackpot Analysis for Tennessee (Dec. 25, 2013 Drawing)

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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 $74,000,000 would be for a resident of Tennessee, 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:

Tennessee

Drawing Date:  Dec. 25, 2013
Jackpot:$74,000,000
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$1,319,427$329,857$0$989,571
2$1,372,204$343,051$0$1,029,153
3$1,427,093$356,773$0$1,070,319
4$1,484,176$371,044$0$1,113,132
5$1,543,543$385,886$0$1,157,658
6$1,605,285$401,321$0$1,203,964
7$1,669,497$417,374$0$1,252,122
8$1,736,276$434,069$0$1,302,207
9$1,805,727$451,432$0$1,354,296
10$1,877,957$469,489$0$1,408,467
11$1,953,075$488,269$0$1,464,806
12$2,031,198$507,799$0$1,523,398
13$2,112,446$528,111$0$1,584,334
14$2,196,944$549,236$0$1,647,708
15$2,284,821$571,205$0$1,713,616
16$2,376,214$594,054$0$1,782,161
17$2,471,263$617,816$0$1,853,447
18$2,570,113$642,528$0$1,927,585
19$2,672,918$668,229$0$2,004,688
20$2,779,834$694,959$0$2,084,876
21$2,891,028$722,757$0$2,168,271
22$3,006,669$751,667$0$2,255,002
23$3,126,936$781,734$0$2,345,202
24$3,252,013$813,003$0$2,439,010
25$3,382,094$845,523$0$2,536,570
26$3,517,377$879,344$0$2,638,033
27$3,658,072$914,518$0$2,743,554
28$3,804,395$951,099$0$2,853,296
29$3,956,571$989,143$0$2,967,428
30$4,114,834$1,028,708$0$3,086,125
Total$74,000,000$18,500,000$0$55,500,000
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