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Powerball Annuity Jackpot Analysis for Arizona (Sep. 23, 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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:4.80%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$15,894$235,766
2$347,688$83,445$16,689$247,554
3$365,073$87,617$17,523$259,932
4$383,326$91,998$18,400$272,928
5$402,492$96,598$19,320$286,575
6$422,617$101,428$20,286$300,903
7$443,748$106,500$21,300$315,949
8$465,935$111,824$22,365$331,746
9$489,232$117,416$23,483$348,333
10$513,694$123,287$24,657$365,750
11$539,378$129,451$25,890$384,037
12$566,347$135,923$27,185$403,239
13$594,665$142,720$28,544$423,401
14$624,398$149,856$29,971$444,571
15$655,618$157,348$31,470$466,800
16$688,399$165,216$33,043$490,140
17$722,819$173,476$34,695$514,647
18$758,960$182,150$36,430$540,379
19$796,908$191,258$38,252$567,398
20$836,753$200,821$40,164$595,768
21$878,591$210,862$42,172$625,557
22$922,520$221,405$44,281$656,834
23$968,646$232,475$46,495$689,676
24$1,017,078$244,099$48,820$724,160
25$1,067,932$256,304$51,261$760,368
26$1,121,329$269,119$53,824$798,386
27$1,177,395$282,575$56,515$838,306
28$1,236,265$296,704$59,341$880,221
29$1,298,079$311,539$62,308$924,232
30$1,362,982$327,116$65,423$970,444
Total$22,000,000$5,280,000$1,056,000$15,664,000
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