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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 $50,000,000 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 24, 2019
Jackpot:$50,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$752,572$180,617$37,629$534,326
2$790,200$189,648$39,510$561,042
3$829,710$199,130$41,486$589,094
4$871,196$209,087$43,560$618,549
5$914,756$219,541$45,738$649,477
6$960,493$230,518$48,025$681,950
7$1,008,518$242,044$50,426$716,048
8$1,058,944$254,147$52,947$751,850
9$1,111,891$266,854$55,595$789,443
10$1,167,486$280,197$58,374$828,915
11$1,225,860$294,206$61,293$870,361
12$1,287,153$308,917$64,358$913,879
13$1,351,511$324,363$67,576$959,573
14$1,419,086$340,581$70,954$1,007,551
15$1,490,041$357,610$74,502$1,057,929
16$1,564,543$375,490$78,227$1,110,825
17$1,642,770$394,265$82,138$1,166,367
18$1,724,908$413,978$86,245$1,224,685
19$1,811,154$434,677$90,558$1,285,919
20$1,901,711$456,411$95,086$1,350,215
21$1,996,797$479,231$99,840$1,417,726
22$2,096,637$503,193$104,832$1,488,612
23$2,201,469$528,352$110,073$1,563,043
24$2,311,542$554,770$115,577$1,641,195
25$2,427,119$582,509$121,356$1,723,255
26$2,548,475$611,634$127,424$1,809,417
27$2,675,899$642,216$133,795$1,899,888
28$2,809,694$674,327$140,485$1,994,883
29$2,950,178$708,043$147,509$2,094,627
30$3,097,687$743,445$154,884$2,199,358
Total$50,000,000$12,000,000$2,500,000$35,500,000
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