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Powerball Annuity Jackpot Analysis for Delaware

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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 $80,000,000 would be for a resident of Delaware, 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:

Delaware

Drawing Date:  Sat, Feb 28, 2015
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:No state tax on lottery prizes
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,426,408$356,602$0$1,069,806
2$1,483,464$370,866$0$1,112,598
3$1,542,803$385,701$0$1,157,102
4$1,604,515$401,129$0$1,203,386
5$1,668,696$417,174$0$1,251,522
6$1,735,443$433,861$0$1,301,583
7$1,804,861$451,215$0$1,353,646
8$1,877,056$469,264$0$1,407,792
9$1,952,138$488,034$0$1,464,103
10$2,030,223$507,556$0$1,522,667
11$2,111,432$527,858$0$1,583,574
12$2,195,889$548,972$0$1,646,917
13$2,283,725$570,931$0$1,712,794
14$2,375,074$593,769$0$1,781,306
15$2,470,077$617,519$0$1,852,558
16$2,568,880$642,220$0$1,926,660
17$2,671,635$667,909$0$2,003,726
18$2,778,501$694,625$0$2,083,876
19$2,889,641$722,410$0$2,167,231
20$3,005,226$751,307$0$2,253,920
21$3,125,435$781,359$0$2,344,077
22$3,250,453$812,613$0$2,437,840
23$3,380,471$845,118$0$2,535,353
24$3,515,690$878,922$0$2,636,767
25$3,656,317$914,079$0$2,742,238
26$3,802,570$950,643$0$2,851,928
27$3,954,673$988,668$0$2,966,005
28$4,112,860$1,028,215$0$3,084,645
29$4,277,374$1,069,344$0$3,208,031
30$4,448,469$1,112,117$0$3,336,352
Total$80,000,000$20,000,000$0$60,000,000
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