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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 $122,000,000 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:  Wed, Jun 26, 2019
Jackpot:$122,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$440,706$91,814$1,303,755
2$1,928,089$462,741$96,404$1,368,943
3$2,024,493$485,878$101,225$1,437,390
4$2,125,718$510,172$106,286$1,509,260
5$2,232,004$535,681$111,600$1,584,723
6$2,343,604$562,465$117,180$1,663,959
7$2,460,784$590,588$123,039$1,747,157
8$2,583,823$620,118$129,191$1,834,515
9$2,713,015$651,124$135,651$1,926,240
10$2,848,665$683,680$142,433$2,022,552
11$2,991,099$717,864$149,555$2,123,680
12$3,140,654$753,757$157,033$2,229,864
13$3,297,686$791,445$164,884$2,341,357
14$3,462,571$831,017$173,129$2,458,425
15$3,635,699$872,568$181,785$2,581,346
16$3,817,484$916,196$190,874$2,710,414
17$4,008,358$962,006$200,418$2,845,934
18$4,208,776$1,010,106$210,439$2,988,231
19$4,419,215$1,060,612$220,961$3,137,643
20$4,640,176$1,113,642$232,009$3,294,525
21$4,872,184$1,169,324$243,609$3,459,251
22$5,115,794$1,227,790$255,790$3,632,214
23$5,371,583$1,289,180$268,579$3,813,824
24$5,640,162$1,353,639$282,008$4,004,515
25$5,922,171$1,421,321$296,109$4,204,741
26$6,218,279$1,492,387$310,914$4,414,978
27$6,529,193$1,567,006$326,460$4,635,727
28$6,855,653$1,645,357$342,783$4,867,513
29$7,198,435$1,727,625$359,922$5,110,889
30$7,558,357$1,814,006$377,918$5,366,434
Total$122,000,000$29,280,000$6,100,000$86,620,000
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