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Powerball Annuity Jackpot Analysis for Maine (Jan. 12, 2019 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 $96,000,000 would be for a resident of Maine, 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:

Maine

Drawing Date:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$72,247$1,025,906
2$1,517,185$364,124$75,859$1,077,201
3$1,593,044$382,331$79,652$1,131,061
4$1,672,696$401,447$83,635$1,187,614
5$1,756,331$421,519$87,817$1,246,995
6$1,844,147$442,595$92,207$1,309,345
7$1,936,355$464,725$96,818$1,374,812
8$2,033,173$487,961$101,659$1,443,553
9$2,134,831$512,359$106,742$1,515,730
10$2,241,573$537,977$112,079$1,591,517
11$2,353,651$564,876$117,683$1,671,092
12$2,471,334$593,120$123,567$1,754,647
13$2,594,901$622,776$129,745$1,842,379
14$2,724,646$653,915$136,232$1,934,498
15$2,860,878$686,611$143,044$2,031,223
16$3,003,922$720,941$150,196$2,132,785
17$3,154,118$756,988$157,706$2,239,424
18$3,311,824$794,838$165,591$2,351,395
19$3,477,415$834,580$173,871$2,468,965
20$3,651,286$876,309$182,564$2,592,413
21$3,833,850$920,124$191,693$2,722,034
22$4,025,543$966,130$201,277$2,858,135
23$4,226,820$1,014,437$211,341$3,001,042
24$4,438,161$1,065,159$221,908$3,151,094
25$4,660,069$1,118,416$233,003$3,308,649
26$4,893,072$1,174,337$244,654$3,474,081
27$5,137,726$1,233,054$256,886$3,647,785
28$5,394,612$1,294,707$269,731$3,830,175
29$5,664,343$1,359,442$283,217$4,021,683
30$5,947,560$1,427,414$297,378$4,222,767
Total$96,000,000$23,040,000$4,800,000$68,160,000
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