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Powerball Annuity Jackpot Analysis for Colorado

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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 $40,000,000 would be for a resident of Colorado, 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:

Colorado

Drawing Date:  Sat, Mar 28, 2015
Jackpot:$40,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$178,301$28,528$506,375
2$741,732$185,433$29,669$526,630
3$771,401$192,850$30,856$547,695
4$802,257$200,564$32,090$569,603
5$834,348$208,587$33,374$592,387
6$867,722$216,930$34,709$616,082
7$902,431$225,608$36,097$640,726
8$938,528$234,632$37,541$666,355
9$976,069$244,017$39,043$693,009
10$1,015,112$253,778$40,604$720,729
11$1,055,716$263,929$42,229$749,558
12$1,097,945$274,486$43,918$779,541
13$1,141,863$285,466$45,675$810,722
14$1,187,537$296,884$47,501$843,151
15$1,235,039$308,760$49,402$876,877
16$1,284,440$321,110$51,378$911,952
17$1,335,818$333,954$53,433$948,431
18$1,389,250$347,313$55,570$986,368
19$1,444,820$361,205$57,793$1,025,822
20$1,502,613$375,653$60,105$1,066,855
21$1,562,718$390,679$62,509$1,109,530
22$1,625,226$406,307$65,009$1,153,911
23$1,690,235$422,559$67,609$1,200,067
24$1,757,845$439,461$70,314$1,248,070
25$1,828,159$457,040$73,126$1,297,993
26$1,901,285$475,321$76,051$1,349,912
27$1,977,336$494,334$79,093$1,403,909
28$2,056,430$514,107$82,257$1,460,065
29$2,138,687$534,672$85,547$1,518,468
30$2,224,235$556,059$88,969$1,579,207
Total$40,000,000$10,000,000$1,600,000$28,400,000
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