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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 $478,000,000 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, Jul 30, 2016
Jackpot:$478,000,000
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$7,194,586$1,798,646$0$5,395,939
2$7,554,315$1,888,579$0$5,665,737
3$7,932,031$1,983,008$0$5,949,023
4$8,328,633$2,082,158$0$6,246,475
5$8,745,064$2,186,266$0$6,558,798
6$9,182,317$2,295,579$0$6,886,738
7$9,641,434$2,410,358$0$7,231,075
8$10,123,505$2,530,876$0$7,592,629
9$10,629,680$2,657,420$0$7,972,260
10$11,161,164$2,790,291$0$8,370,873
11$11,719,223$2,929,806$0$8,789,417
12$12,305,184$3,076,296$0$9,228,888
13$12,920,443$3,230,111$0$9,690,332
14$13,566,465$3,391,616$0$10,174,849
15$14,244,788$3,561,197$0$10,683,591
16$14,957,028$3,739,257$0$11,217,771
17$15,704,879$3,926,220$0$11,778,659
18$16,490,123$4,122,531$0$12,367,592
19$17,314,629$4,328,657$0$12,985,972
20$18,180,361$4,545,090$0$13,635,270
21$19,089,378$4,772,345$0$14,317,034
22$20,043,847$5,010,962$0$15,032,885
23$21,046,040$5,261,510$0$15,784,530
24$22,098,342$5,524,585$0$16,573,756
25$23,203,259$5,800,815$0$17,402,444
26$24,363,422$6,090,855$0$18,272,566
27$25,581,593$6,395,398$0$19,186,195
28$26,860,672$6,715,168$0$20,145,504
29$28,203,706$7,050,926$0$21,152,779
30$29,613,892$7,403,473$0$22,210,419
Total$478,000,001$119,500,000$0$358,500,001
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