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Powerball Annuity Jackpot Analysis for Arizona (Jul. 18, 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 $97,000,000 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:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$72,999$1,036,592
2$1,532,989$367,917$76,649$1,088,422
3$1,609,638$386,313$80,482$1,142,843
4$1,690,120$405,629$84,506$1,199,985
5$1,774,626$425,910$88,731$1,259,984
6$1,863,357$447,206$93,168$1,322,984
7$1,956,525$469,566$97,826$1,389,133
8$2,054,351$493,044$102,718$1,458,590
9$2,157,069$517,697$107,853$1,531,519
10$2,264,922$543,581$113,246$1,608,095
11$2,378,169$570,760$118,908$1,688,500
12$2,497,077$599,298$124,854$1,772,925
13$2,621,931$629,263$131,097$1,861,571
14$2,753,027$660,727$137,651$1,954,649
15$2,890,679$693,763$144,534$2,052,382
16$3,035,213$728,451$151,761$2,155,001
17$3,186,973$764,874$159,349$2,262,751
18$3,346,322$803,117$167,316$2,375,889
19$3,513,638$843,273$175,682$2,494,683
20$3,689,320$885,437$184,466$2,619,417
21$3,873,786$929,709$193,689$2,750,388
22$4,067,475$976,194$203,374$2,887,907
23$4,270,849$1,025,004$213,542$3,032,303
24$4,484,391$1,076,254$224,220$3,183,918
25$4,708,611$1,130,067$235,431$3,343,114
26$4,944,042$1,186,570$247,202$3,510,270
27$5,191,244$1,245,899$259,562$3,685,783
28$5,450,806$1,308,193$272,540$3,870,072
29$5,723,346$1,373,603$286,167$4,063,576
30$6,009,514$1,442,283$300,476$4,266,755
Total$97,000,000$23,280,000$4,850,000$68,870,000
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