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Powerball Annuity Jackpot Analysis for Florida

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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 $304,000,000 would be for a resident of Florida, 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:

Florida

Drawing Date:  Sat, Feb 23, 2019
Jackpot:$304,000,000
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$4,575,636$1,098,153$0$3,477,484
2$4,804,418$1,153,060$0$3,651,358
3$5,044,639$1,210,713$0$3,833,926
4$5,296,871$1,271,249$0$4,025,622
5$5,561,714$1,334,811$0$4,226,903
6$5,839,800$1,401,552$0$4,438,248
7$6,131,790$1,471,630$0$4,660,161
8$6,438,380$1,545,211$0$4,893,169
9$6,760,299$1,622,472$0$5,137,827
10$7,098,314$1,703,595$0$5,394,718
11$7,453,229$1,788,775$0$5,664,454
12$7,825,891$1,878,214$0$5,947,677
13$8,217,185$1,972,124$0$6,245,061
14$8,628,045$2,070,731$0$6,557,314
15$9,059,447$2,174,267$0$6,885,180
16$9,512,419$2,282,981$0$7,229,439
17$9,988,040$2,397,130$0$7,590,910
18$10,487,442$2,516,986$0$7,970,456
19$11,011,814$2,642,835$0$8,368,979
20$11,562,405$2,774,977$0$8,787,428
21$12,140,525$2,913,726$0$9,226,799
22$12,747,551$3,059,412$0$9,688,139
23$13,384,929$3,212,383$0$10,172,546
24$14,054,175$3,373,002$0$10,681,173
25$14,756,884$3,541,652$0$11,215,232
26$15,494,729$3,718,735$0$11,775,994
27$16,269,465$3,904,672$0$12,364,793
28$17,082,938$4,099,905$0$12,983,033
29$17,937,085$4,304,900$0$13,632,185
30$18,833,939$4,520,145$0$14,313,794
Total$304,000,001$72,960,000$0$231,040,000
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