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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 $20,000,000 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, Aug 15, 2020
Jackpot:$20,000,000
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$301,029$72,247$0$228,782
2$316,080$75,859$0$240,221
3$331,884$79,652$0$252,232
4$348,478$83,635$0$264,844
5$365,902$87,817$0$278,086
6$384,197$92,207$0$291,990
7$403,407$96,818$0$306,590
8$423,578$101,659$0$321,919
9$444,757$106,742$0$338,015
10$466,994$112,079$0$354,916
11$490,344$117,683$0$372,661
12$514,861$123,567$0$391,295
13$540,604$129,745$0$410,859
14$567,635$136,232$0$431,402
15$596,016$143,044$0$452,972
16$625,817$150,196$0$475,621
17$657,108$157,706$0$499,402
18$689,963$165,591$0$524,372
19$724,461$173,871$0$550,591
20$760,685$182,564$0$578,120
21$798,719$191,693$0$607,026
22$838,655$201,277$0$637,378
23$880,587$211,341$0$669,246
24$924,617$221,908$0$702,709
25$970,848$233,003$0$737,844
26$1,019,390$244,654$0$774,736
27$1,070,360$256,886$0$813,473
28$1,123,878$269,731$0$854,147
29$1,180,071$283,217$0$896,854
30$1,239,075$297,378$0$941,697
Total$20,000,000$4,800,000$0$15,200,000
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