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Powerball Annuity Jackpot Analysis for Arizona (Aug. 29, 2020 Drawing)

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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
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$707,417$169,780$42,445$495,192
2$742,788$178,269$44,567$519,952
3$779,928$187,183$46,796$545,949
4$818,924$196,542$49,135$573,247
5$859,870$206,369$51,592$601,909
6$902,864$216,687$54,172$632,005
7$948,007$227,522$56,880$663,605
8$995,407$238,898$59,724$696,785
9$1,045,178$250,843$62,711$731,624
10$1,097,437$263,385$65,846$768,206
11$1,152,308$276,554$69,139$806,616
12$1,209,924$290,382$72,595$846,947
13$1,270,420$304,901$76,225$889,294
14$1,333,941$320,146$80,036$933,759
15$1,400,638$336,153$84,038$980,447
16$1,470,670$352,961$88,240$1,029,469
17$1,544,204$370,609$92,652$1,080,942
18$1,621,414$389,139$97,285$1,134,990
19$1,702,484$408,596$102,149$1,191,739
20$1,787,609$429,026$107,257$1,251,326
21$1,876,989$450,477$112,619$1,313,892
22$1,970,839$473,001$118,250$1,379,587
23$2,069,380$496,651$124,163$1,448,566
24$2,172,849$521,484$130,371$1,520,995
25$2,281,492$547,558$136,890$1,597,044
26$2,395,567$574,936$143,734$1,676,897
27$2,515,345$603,683$150,921$1,760,741
28$2,641,112$633,867$158,467$1,848,778
29$2,773,168$665,560$166,390$1,941,217
30$2,911,826$698,838$174,710$2,038,278
Total$47,000,000$11,280,000$2,820,000$32,900,000
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