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Powerball Annuity Jackpot Analysis for California

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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 $390,000,000 would be for a resident of California, 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:

California

Drawing Date:  Sat, Jul 23, 2016
Jackpot:$390,000,000
Federal Tax:  25%
State Tax:No state tax on lottery prizes
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,870,060$1,467,515$0$4,402,545
2$6,163,563$1,540,891$0$4,622,672
3$6,471,741$1,617,935$0$4,853,806
4$6,795,328$1,698,832$0$5,096,496
5$7,135,094$1,783,774$0$5,351,321
6$7,491,849$1,872,962$0$5,618,887
7$7,866,442$1,966,610$0$5,899,831
8$8,259,764$2,064,941$0$6,194,823
9$8,672,752$2,168,188$0$6,504,564
10$9,106,389$2,276,597$0$6,829,792
11$9,561,709$2,390,427$0$7,171,282
12$10,039,794$2,509,949$0$7,529,846
13$10,541,784$2,635,446$0$7,906,338
14$11,068,873$2,767,218$0$8,301,655
15$11,622,317$2,905,579$0$8,716,738
16$12,203,433$3,050,858$0$9,152,575
17$12,813,604$3,203,401$0$9,610,203
18$13,454,284$3,363,571$0$10,090,713
19$14,126,998$3,531,750$0$10,595,249
20$14,833,349$3,708,337$0$11,125,011
21$15,575,016$3,893,754$0$11,681,262
22$16,353,767$4,088,442$0$12,265,325
23$17,171,455$4,292,864$0$12,878,591
24$18,030,028$4,507,507$0$13,522,521
25$18,931,529$4,732,882$0$14,198,647
26$19,878,106$4,969,526$0$14,908,579
27$20,872,011$5,218,003$0$15,654,008
28$21,915,611$5,478,903$0$16,436,708
29$23,011,392$5,752,848$0$17,258,544
30$24,161,962$6,040,490$0$18,121,471
Total$390,000,001$97,500,000$0$292,500,001
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