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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 $136,000,000 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 6, 2016
Jackpot:$136,000,000
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$2,046,995$511,749$0$1,535,246
2$2,149,345$537,336$0$1,612,009
3$2,256,812$564,203$0$1,692,609
4$2,369,653$592,413$0$1,777,240
5$2,488,135$622,034$0$1,866,102
6$2,612,542$653,136$0$1,959,407
7$2,743,169$685,792$0$2,057,377
8$2,880,328$720,082$0$2,160,246
9$3,024,344$756,086$0$2,268,258
10$3,175,561$793,890$0$2,381,671
11$3,334,339$833,585$0$2,500,755
12$3,501,056$875,264$0$2,625,792
13$3,676,109$919,027$0$2,757,082
14$3,859,915$964,979$0$2,894,936
15$4,052,910$1,013,228$0$3,039,683
16$4,255,556$1,063,889$0$3,191,667
17$4,468,334$1,117,083$0$3,351,250
18$4,691,750$1,172,938$0$3,518,813
19$4,926,338$1,231,584$0$3,694,753
20$5,172,655$1,293,164$0$3,879,491
21$5,431,288$1,357,822$0$4,073,466
22$5,702,852$1,425,713$0$4,277,139
23$5,987,995$1,496,999$0$4,490,996
24$6,287,394$1,571,849$0$4,715,546
25$6,601,764$1,650,441$0$4,951,323
26$6,931,852$1,732,963$0$5,198,889
27$7,278,445$1,819,611$0$5,458,834
28$7,642,367$1,910,592$0$5,731,775
29$8,024,485$2,006,121$0$6,018,364
30$8,425,710$2,106,427$0$6,319,282
Total$136,000,000$34,000,000$0$102,000,000
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