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Powerball Annuity Jackpot Analysis for Washington

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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 $110,000,000 would be for a resident of Washington, 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:

Washington

Drawing Date:  Wed, Apr 16, 2014
Jackpot:$110,000,000
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$1,961,311$490,328$0$1,470,983
2$2,039,763$509,941$0$1,529,823
3$2,121,354$530,338$0$1,591,015
4$2,206,208$551,552$0$1,654,656
5$2,294,456$573,614$0$1,720,842
6$2,386,235$596,559$0$1,789,676
7$2,481,684$620,421$0$1,861,263
8$2,580,951$645,238$0$1,935,714
9$2,684,189$671,047$0$2,013,142
10$2,791,557$697,889$0$2,093,668
11$2,903,219$725,805$0$2,177,414
12$3,019,348$754,837$0$2,264,511
13$3,140,122$785,030$0$2,355,091
14$3,265,727$816,432$0$2,449,295
15$3,396,356$849,089$0$2,547,267
16$3,532,210$883,053$0$2,649,158
17$3,673,499$918,375$0$2,755,124
18$3,820,438$955,110$0$2,865,329
19$3,973,256$993,314$0$2,979,942
20$4,132,186$1,033,047$0$3,099,140
21$4,297,474$1,074,368$0$3,223,105
22$4,469,373$1,117,343$0$3,352,029
23$4,648,148$1,162,037$0$3,486,111
24$4,834,073$1,208,518$0$3,625,555
25$5,027,436$1,256,859$0$3,770,577
26$5,228,534$1,307,133$0$3,921,400
27$5,437,675$1,359,419$0$4,078,256
28$5,655,182$1,413,796$0$4,241,387
29$5,881,390$1,470,347$0$4,411,042
30$6,116,645$1,529,161$0$4,587,484
Total$110,000,000$27,500,000$0$82,500,000
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