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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 $135,000,000 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:  Wed, Jan 18, 2017
Jackpot:$135,000,000
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$2,031,944$507,986$0$1,523,958
2$2,133,541$533,385$0$1,600,156
3$2,240,218$560,054$0$1,680,163
4$2,352,229$588,057$0$1,764,172
5$2,469,840$617,460$0$1,852,380
6$2,593,332$648,333$0$1,944,999
7$2,722,999$680,750$0$2,042,249
8$2,859,149$714,787$0$2,144,362
9$3,002,106$750,527$0$2,251,580
10$3,152,212$788,053$0$2,364,159
11$3,309,822$827,456$0$2,482,367
12$3,475,313$868,828$0$2,606,485
13$3,649,079$912,270$0$2,736,809
14$3,831,533$957,883$0$2,873,650
15$4,023,110$1,005,777$0$3,017,332
16$4,224,265$1,056,066$0$3,168,199
17$4,435,478$1,108,870$0$3,326,609
18$4,657,252$1,164,313$0$3,492,939
19$4,890,115$1,222,529$0$3,667,586
20$5,134,621$1,283,655$0$3,850,965
21$5,391,352$1,347,838$0$4,043,514
22$5,660,919$1,415,230$0$4,245,689
23$5,943,965$1,485,991$0$4,457,974
24$6,241,163$1,560,291$0$4,680,873
25$6,553,222$1,638,305$0$4,914,916
26$6,880,883$1,720,221$0$5,160,662
27$7,224,927$1,806,232$0$5,418,695
28$7,586,173$1,896,543$0$5,689,630
29$7,965,482$1,991,370$0$5,974,111
30$8,363,756$2,090,939$0$6,272,817
Total$135,000,000$33,750,000$0$101,250,000
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