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Powerball Annuity Jackpot Analysis for California (Aug. 29, 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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:No state tax on lottery prizes
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$0$537,637
2$742,788$178,269$0$564,519
3$779,928$187,183$0$592,745
4$818,924$196,542$0$622,382
5$859,870$206,369$0$653,501
6$902,864$216,687$0$686,177
7$948,007$227,522$0$720,485
8$995,407$238,898$0$756,510
9$1,045,178$250,843$0$794,335
10$1,097,437$263,385$0$834,052
11$1,152,308$276,554$0$875,754
12$1,209,924$290,382$0$919,542
13$1,270,420$304,901$0$965,519
14$1,333,941$320,146$0$1,013,795
15$1,400,638$336,153$0$1,064,485
16$1,470,670$352,961$0$1,117,709
17$1,544,204$370,609$0$1,173,595
18$1,621,414$389,139$0$1,232,274
19$1,702,484$408,596$0$1,293,888
20$1,787,609$429,026$0$1,358,583
21$1,876,989$450,477$0$1,426,512
22$1,970,839$473,001$0$1,497,837
23$2,069,380$496,651$0$1,572,729
24$2,172,849$521,484$0$1,651,366
25$2,281,492$547,558$0$1,733,934
26$2,395,567$574,936$0$1,820,631
27$2,515,345$603,683$0$1,911,662
28$2,641,112$633,867$0$2,007,245
29$2,773,168$665,560$0$2,107,607
30$2,911,826$698,838$0$2,212,988
Total$47,000,000$11,280,000$0$35,720,000
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