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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 $154,000,000 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, Aug 31, 2016
Jackpot:$154,000,000
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$2,317,921$579,480$0$1,738,441
2$2,433,817$608,454$0$1,825,363
3$2,555,508$638,877$0$1,916,631
4$2,683,283$670,821$0$2,012,463
5$2,817,447$704,362$0$2,113,086
6$2,958,320$739,580$0$2,218,740
7$3,106,236$776,559$0$2,329,677
8$3,261,548$815,387$0$2,446,161
9$3,424,625$856,156$0$2,568,469
10$3,595,856$898,964$0$2,696,892
11$3,775,649$943,912$0$2,831,737
12$3,964,432$991,108$0$2,973,324
13$4,162,653$1,040,663$0$3,121,990
14$4,370,786$1,092,696$0$3,278,089
15$4,589,325$1,147,331$0$3,441,994
16$4,818,791$1,204,698$0$3,614,094
17$5,059,731$1,264,933$0$3,794,798
18$5,312,717$1,328,179$0$3,984,538
19$5,578,353$1,394,588$0$4,183,765
20$5,857,271$1,464,318$0$4,392,953
21$6,150,134$1,537,534$0$4,612,601
22$6,457,641$1,614,410$0$4,843,231
23$6,780,523$1,695,131$0$5,085,392
24$7,119,549$1,779,887$0$5,339,662
25$7,475,527$1,868,882$0$5,606,645
26$7,849,303$1,962,326$0$5,886,977
27$8,241,768$2,060,442$0$6,181,326
28$8,653,857$2,163,464$0$6,490,393
29$9,086,550$2,271,637$0$6,814,912
30$9,540,877$2,385,219$0$7,155,658
Total$154,000,000$38,500,000$0$115,500,000
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