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Powerball Annuity Jackpot Analysis for Massachusetts

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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 $142,000,000 would be for a resident of Massachusetts, 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:

Massachusetts

Drawing Date:  Sat, Aug 27, 2016
Jackpot:$142,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,137,304$534,326$106,865$1,496,113
2$2,244,169$561,042$112,208$1,570,918
3$2,356,377$589,094$117,819$1,649,464
4$2,474,196$618,549$123,710$1,731,937
5$2,597,906$649,477$129,895$1,818,534
6$2,727,801$681,950$136,390$1,909,461
7$2,864,192$716,048$143,210$2,004,934
8$3,007,401$751,850$150,370$2,105,181
9$3,157,771$789,443$157,889$2,210,440
10$3,315,660$828,915$165,783$2,320,962
11$3,481,443$870,361$174,072$2,437,010
12$3,655,515$913,879$182,776$2,558,860
13$3,838,291$959,573$191,915$2,686,803
14$4,030,205$1,007,551$201,510$2,821,144
15$4,231,715$1,057,929$211,586$2,962,201
16$4,443,301$1,110,825$222,165$3,110,311
17$4,665,466$1,166,367$233,273$3,265,826
18$4,898,739$1,224,685$244,937$3,429,118
19$5,143,676$1,285,919$257,184$3,600,573
20$5,400,860$1,350,215$270,043$3,780,602
21$5,670,903$1,417,726$283,545$3,969,632
22$5,954,448$1,488,612$297,722$4,168,114
23$6,252,171$1,563,043$312,609$4,376,520
24$6,564,779$1,641,195$328,239$4,595,345
25$6,893,018$1,723,255$344,651$4,825,113
26$7,237,669$1,809,417$361,883$5,066,368
27$7,599,553$1,899,888$379,978$5,319,687
28$7,979,530$1,994,883$398,977$5,585,671
29$8,378,507$2,094,627$418,925$5,864,955
30$8,797,432$2,199,358$439,872$6,158,203
Total$142,000,000$35,500,000$7,100,000$99,400,000
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