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Powerball Annuity Jackpot Analysis for Washington, D.C. (Jul. 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 $126,000,000 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. 29, 2020
Jackpot:$126,000,000
Federal Tax:  24%
State Tax:8.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,896,481$455,155$161,201$1,280,125
2$1,991,305$477,913$169,261$1,344,131
3$2,090,870$501,809$177,724$1,411,337
4$2,195,414$526,899$186,610$1,481,904
5$2,305,184$553,244$195,941$1,555,999
6$2,420,443$580,906$205,738$1,633,799
7$2,541,466$609,952$216,025$1,715,489
8$2,668,539$640,449$226,826$1,801,264
9$2,801,966$672,472$238,167$1,891,327
10$2,942,064$706,095$250,075$1,985,893
11$3,089,167$741,400$262,579$2,085,188
12$3,243,626$778,470$275,708$2,189,447
13$3,405,807$817,394$289,494$2,298,920
14$3,576,097$858,263$303,968$2,413,866
15$3,754,902$901,177$319,167$2,534,559
16$3,942,647$946,235$335,125$2,661,287
17$4,139,780$993,547$351,881$2,794,351
18$4,346,769$1,043,225$369,475$2,934,069
19$4,564,107$1,095,386$387,949$3,080,772
20$4,792,313$1,150,155$407,347$3,234,811
21$5,031,928$1,207,663$427,714$3,396,552
22$5,283,525$1,268,046$449,100$3,566,379
23$5,547,701$1,331,448$471,555$3,744,698
24$5,825,086$1,398,021$495,132$3,931,933
25$6,116,340$1,467,922$519,889$4,128,530
26$6,422,157$1,541,318$545,883$4,334,956
27$6,743,265$1,618,384$573,178$4,551,704
28$7,080,428$1,699,303$601,836$4,779,289
29$7,434,450$1,784,268$631,928$5,018,254
30$7,806,172$1,873,481$663,525$5,269,166
Total$126,000,000$30,240,000$10,710,000$85,050,000
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