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Powerball Annuity Jackpot Analysis for Massachusetts (Sep. 23, 2020 Drawing)

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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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$16,557$235,103
2$347,688$83,445$17,384$246,859
3$365,073$87,617$18,254$259,202
4$383,326$91,998$19,166$272,162
5$402,492$96,598$20,125$285,770
6$422,617$101,428$21,131$300,058
7$443,748$106,500$22,187$315,061
8$465,935$111,824$23,297$330,814
9$489,232$117,416$24,462$347,355
10$513,694$123,287$25,685$364,723
11$539,378$129,451$26,969$382,959
12$566,347$135,923$28,317$402,107
13$594,665$142,720$29,733$422,212
14$624,398$149,856$31,220$443,323
15$655,618$157,348$32,781$465,489
16$688,399$165,216$34,420$488,763
17$722,819$173,476$36,141$513,201
18$758,960$182,150$37,948$538,861
19$796,908$191,258$39,845$565,804
20$836,753$200,821$41,838$594,095
21$878,591$210,862$43,930$623,799
22$922,520$221,405$46,126$654,989
23$968,646$232,475$48,432$687,739
24$1,017,078$244,099$50,854$722,126
25$1,067,932$256,304$53,397$758,232
26$1,121,329$269,119$56,066$796,144
27$1,177,395$282,575$58,870$835,951
28$1,236,265$296,704$61,813$877,748
29$1,298,079$311,539$64,904$921,636
30$1,362,982$327,116$68,149$967,718
Total$22,000,000$5,280,000$1,100,000$15,620,000
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