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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 $120,000,000 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:  Wed, Sep 2, 2015
Jackpot:$120,000,000
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$2,139,612$534,903$0$1,604,709
2$2,225,196$556,299$0$1,668,897
3$2,314,204$578,551$0$1,735,653
4$2,406,772$601,693$0$1,805,079
5$2,503,043$625,761$0$1,877,282
6$2,603,165$650,791$0$1,952,374
7$2,707,292$676,823$0$2,030,469
8$2,815,583$703,896$0$2,111,687
9$2,928,207$732,052$0$2,196,155
10$3,045,335$761,334$0$2,284,001
11$3,167,148$791,787$0$2,375,361
12$3,293,834$823,459$0$2,470,376
13$3,425,588$856,397$0$2,569,191
14$3,562,611$890,653$0$2,671,958
15$3,705,116$926,279$0$2,778,837
16$3,853,320$963,330$0$2,889,990
17$4,007,453$1,001,863$0$3,005,590
18$4,167,751$1,041,938$0$3,125,813
19$4,334,461$1,083,615$0$3,250,846
20$4,507,840$1,126,960$0$3,380,880
21$4,688,153$1,172,038$0$3,516,115
22$4,875,679$1,218,920$0$3,656,759
23$5,070,706$1,267,677$0$3,803,030
24$5,273,535$1,318,384$0$3,955,151
25$5,484,476$1,371,119$0$4,113,357
26$5,703,855$1,425,964$0$4,277,891
27$5,932,009$1,483,002$0$4,449,007
28$6,169,290$1,542,322$0$4,626,967
29$6,416,061$1,604,015$0$4,812,046
30$6,672,704$1,668,176$0$5,004,528
Total$120,000,000$30,000,000$0$90,000,000
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