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Powerball Annuity Jackpot Analysis for Maine (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 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:7.15%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$23,676$227,984
2$347,688$83,445$24,860$239,383
3$365,073$87,617$26,103$251,352
4$383,326$91,998$27,408$263,920
5$402,492$96,598$28,778$277,116
6$422,617$101,428$30,217$290,972
7$443,748$106,500$31,728$305,520
8$465,935$111,824$33,314$320,797
9$489,232$117,416$34,980$336,836
10$513,694$123,287$36,729$353,678
11$539,378$129,451$38,566$371,362
12$566,347$135,923$40,494$389,930
13$594,665$142,720$42,519$409,427
14$624,398$149,856$44,644$429,898
15$655,618$157,348$46,877$451,393
16$688,399$165,216$49,221$473,963
17$722,819$173,476$51,682$497,661
18$758,960$182,150$54,266$522,544
19$796,908$191,258$56,979$548,671
20$836,753$200,821$59,828$576,104
21$878,591$210,862$62,819$604,910
22$922,520$221,405$65,960$635,155
23$968,646$232,475$69,258$666,913
24$1,017,078$244,099$72,721$700,259
25$1,067,932$256,304$76,357$735,271
26$1,121,329$269,119$80,175$772,035
27$1,177,395$282,575$84,184$810,637
28$1,236,265$296,704$88,393$851,169
29$1,298,079$311,539$92,813$893,727
30$1,362,982$327,116$97,453$938,413
Total$22,000,000$5,280,000$1,573,000$15,147,000
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