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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 $102,000,000 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, Oct 24, 2020
Jackpot:$102,000,000
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$1,535,246$368,459$0$1,166,787
2$1,612,009$386,882$0$1,225,127
3$1,692,609$406,226$0$1,286,383
4$1,777,240$426,538$0$1,350,702
5$1,866,102$447,864$0$1,418,237
6$1,959,407$470,258$0$1,489,149
7$2,057,377$493,770$0$1,563,607
8$2,160,246$518,459$0$1,641,787
9$2,268,258$544,382$0$1,723,876
10$2,381,671$571,601$0$1,810,070
11$2,500,755$600,181$0$1,900,573
12$2,625,792$630,190$0$1,995,602
13$2,757,082$661,700$0$2,095,382
14$2,894,936$694,785$0$2,200,151
15$3,039,683$729,524$0$2,310,159
16$3,191,667$766,000$0$2,425,667
17$3,351,250$804,300$0$2,546,950
18$3,518,813$844,515$0$2,674,298
19$3,694,753$886,741$0$2,808,013
20$3,879,491$931,078$0$2,948,413
21$4,073,466$977,632$0$3,095,834
22$4,277,139$1,026,513$0$3,250,626
23$4,490,996$1,077,839$0$3,413,157
24$4,715,546$1,131,731$0$3,583,815
25$4,951,323$1,188,318$0$3,763,005
26$5,198,889$1,247,733$0$3,951,156
27$5,458,834$1,310,120$0$4,148,714
28$5,731,775$1,375,626$0$4,356,149
29$6,018,364$1,444,407$0$4,573,957
30$6,319,282$1,516,628$0$4,802,655
Total$102,000,000$24,480,000$0$77,520,000
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