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Powerball Annuity Jackpot Analysis for Arizona

For an out-of-state resident

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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 $20,000,000 would be for a resident of Arizona, 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:

Arizona

Drawing Date:  Sat, Aug 15, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:6.00% (For an out-of-state resident)
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$18,062$210,720
2$316,080$75,859$18,965$221,256
3$331,884$79,652$19,913$232,319
4$348,478$83,635$20,909$243,935
5$365,902$87,817$21,954$256,132
6$384,197$92,207$23,052$268,938
7$403,407$96,818$24,204$282,385
8$423,578$101,659$25,415$296,504
9$444,757$106,742$26,685$311,330
10$466,994$112,079$28,020$326,896
11$490,344$117,683$29,421$343,241
12$514,861$123,567$30,892$360,403
13$540,604$129,745$32,436$378,423
14$567,635$136,232$34,058$397,344
15$596,016$143,044$35,761$417,211
16$625,817$150,196$37,549$438,072
17$657,108$157,706$39,426$459,976
18$689,963$165,591$41,398$482,974
19$724,461$173,871$43,468$507,123
20$760,685$182,564$45,641$532,479
21$798,719$191,693$47,923$559,103
22$838,655$201,277$50,319$587,058
23$880,587$211,341$52,835$616,411
24$924,617$221,908$55,477$647,232
25$970,848$233,003$58,251$679,593
26$1,019,390$244,654$61,163$713,573
27$1,070,360$256,886$64,222$749,252
28$1,123,878$269,731$67,433$786,714
29$1,180,071$283,217$70,804$826,050
30$1,239,075$297,378$74,344$867,352
Total$20,000,000$4,800,000$1,200,000$14,000,000
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