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Powerball Annuity Jackpot Analysis for Arkansas (Aug. 29, 2020 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 $47,000,000 would be for a resident of Arkansas, 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:

Arkansas

Drawing Date:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$49,519$488,118
2$742,788$178,269$51,995$512,524
3$779,928$187,183$54,595$538,150
4$818,924$196,542$57,325$565,058
5$859,870$206,369$60,191$593,311
6$902,864$216,687$63,200$622,976
7$948,007$227,522$66,360$654,125
8$995,407$238,898$69,679$686,831
9$1,045,178$250,843$73,162$721,173
10$1,097,437$263,385$76,821$757,231
11$1,152,308$276,554$80,662$795,093
12$1,209,924$290,382$84,695$834,848
13$1,270,420$304,901$88,929$876,590
14$1,333,941$320,146$93,376$920,419
15$1,400,638$336,153$98,045$966,440
16$1,470,670$352,961$102,947$1,014,762
17$1,544,204$370,609$108,094$1,065,500
18$1,621,414$389,139$113,499$1,118,775
19$1,702,484$408,596$119,174$1,174,714
20$1,787,609$429,026$125,133$1,233,450
21$1,876,989$450,477$131,389$1,295,122
22$1,970,839$473,001$137,959$1,359,879
23$2,069,380$496,651$144,857$1,427,873
24$2,172,849$521,484$152,099$1,499,266
25$2,281,492$547,558$159,704$1,574,229
26$2,395,567$574,936$167,690$1,652,941
27$2,515,345$603,683$176,074$1,735,588
28$2,641,112$633,867$184,878$1,822,367
29$2,773,168$665,560$194,122$1,913,486
30$2,911,826$698,838$203,828$2,009,160
Total$47,000,000$11,280,000$3,290,000$32,430,000
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