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Powerball Annuity Jackpot Analysis for Washington, D.C. (Jul. 18, 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 $97,000,000 would be for a resident of Washington, D.C., 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:

Washington, D.C.

Drawing Date:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:8.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$124,099$985,493
2$1,532,989$367,917$130,304$1,034,767
3$1,609,638$386,313$136,819$1,086,506
4$1,690,120$405,629$143,660$1,140,831
5$1,774,626$425,910$150,843$1,197,873
6$1,863,357$447,206$158,385$1,257,766
7$1,956,525$469,566$166,305$1,320,655
8$2,054,351$493,044$174,620$1,386,687
9$2,157,069$517,697$183,351$1,456,022
10$2,264,922$543,581$192,518$1,528,823
11$2,378,169$570,760$202,144$1,605,264
12$2,497,077$599,298$212,252$1,685,527
13$2,621,931$629,263$222,864$1,769,803
14$2,753,027$660,727$234,007$1,858,294
15$2,890,679$693,763$245,708$1,951,208
16$3,035,213$728,451$257,993$2,048,769
17$3,186,973$764,874$270,893$2,151,207
18$3,346,322$803,117$284,437$2,258,767
19$3,513,638$843,273$298,659$2,371,706
20$3,689,320$885,437$313,592$2,490,291
21$3,873,786$929,709$329,272$2,614,806
22$4,067,475$976,194$345,735$2,745,546
23$4,270,849$1,025,004$363,022$2,882,823
24$4,484,391$1,076,254$381,173$3,026,964
25$4,708,611$1,130,067$400,232$3,178,312
26$4,944,042$1,186,570$420,244$3,337,228
27$5,191,244$1,245,899$441,256$3,504,090
28$5,450,806$1,308,193$463,318$3,679,294
29$5,723,346$1,373,603$486,484$3,863,259
30$6,009,514$1,442,283$510,809$4,056,422
Total$97,000,000$23,280,000$8,245,000$65,475,000
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