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Powerball Annuity Jackpot Analysis for Washington, D.C. (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 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:8.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$60,130$477,507
2$742,788$178,269$63,137$501,382
3$779,928$187,183$66,294$526,451
4$818,924$196,542$69,609$552,774
5$859,870$206,369$73,089$580,412
6$902,864$216,687$76,743$609,433
7$948,007$227,522$80,581$639,905
8$995,407$238,898$84,610$671,900
9$1,045,178$250,843$88,840$705,495
10$1,097,437$263,385$93,282$740,770
11$1,152,308$276,554$97,946$777,808
12$1,209,924$290,382$102,844$816,699
13$1,270,420$304,901$107,986$857,534
14$1,333,941$320,146$113,385$900,410
15$1,400,638$336,153$119,054$945,431
16$1,470,670$352,961$125,007$992,702
17$1,544,204$370,609$131,257$1,042,337
18$1,621,414$389,139$137,820$1,094,454
19$1,702,484$408,596$144,711$1,149,177
20$1,787,609$429,026$151,947$1,206,636
21$1,876,989$450,477$159,544$1,266,968
22$1,970,839$473,001$167,521$1,330,316
23$2,069,380$496,651$175,897$1,396,832
24$2,172,849$521,484$184,692$1,466,673
25$2,281,492$547,558$193,927$1,540,007
26$2,395,567$574,936$203,623$1,617,007
27$2,515,345$603,683$213,804$1,697,858
28$2,641,112$633,867$224,495$1,782,751
29$2,773,168$665,560$235,719$1,871,888
30$2,911,826$698,838$247,505$1,965,483
Total$47,000,000$11,280,000$3,995,000$31,725,000
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