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Powerball Annuity Jackpot Analysis for Delaware (Oct. 24, 2018 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 $602,500,000 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:  Oct. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:No state tax on lottery prizes
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$0$6,892,052
2$9,521,914$2,285,259$0$7,236,655
3$9,998,010$2,399,522$0$7,598,487
4$10,497,911$2,519,499$0$7,978,412
5$11,022,806$2,645,473$0$8,377,332
6$11,573,946$2,777,747$0$8,796,199
7$12,152,644$2,916,634$0$9,236,009
8$12,760,276$3,062,466$0$9,697,810
9$13,398,290$3,215,589$0$10,182,700
10$14,068,204$3,376,369$0$10,691,835
11$14,771,614$3,545,187$0$11,226,427
12$15,510,195$3,722,447$0$11,787,748
13$16,285,705$3,908,569$0$12,377,135
14$17,099,990$4,103,998$0$12,995,992
15$17,954,989$4,309,197$0$13,645,792
16$18,852,739$4,524,657$0$14,328,082
17$19,795,375$4,750,890$0$15,044,485
18$20,785,144$4,988,435$0$15,796,710
19$21,824,401$5,237,856$0$16,586,545
20$22,915,622$5,499,749$0$17,415,873
21$24,061,403$5,774,737$0$18,286,666
22$25,264,473$6,063,473$0$19,200,999
23$26,527,697$6,366,647$0$20,161,049
24$27,854,081$6,684,979$0$21,169,102
25$29,246,785$7,019,228$0$22,227,557
26$30,709,125$7,370,190$0$23,338,935
27$32,244,581$7,738,699$0$24,505,882
28$33,856,810$8,125,634$0$25,731,175
29$35,549,650$8,531,916$0$27,017,734
30$37,327,133$8,958,512$0$28,368,621
Total$602,500,001$144,600,000$0$457,900,001
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