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Powerball Annuity Jackpot Analysis for Montana (Aug. 29, 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 $47,000,000 would be for a resident of Montana, 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:

Montana

Drawing Date:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:6.90%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$48,812$488,825
2$742,788$178,269$51,252$513,267
3$779,928$187,183$53,815$538,930
4$818,924$196,542$56,506$565,877
5$859,870$206,369$59,331$594,170
6$902,864$216,687$62,298$623,879
7$948,007$227,522$65,412$655,073
8$995,407$238,898$68,683$687,827
9$1,045,178$250,843$72,117$722,218
10$1,097,437$263,385$75,723$758,329
11$1,152,308$276,554$79,509$796,245
12$1,209,924$290,382$83,485$836,057
13$1,270,420$304,901$87,659$877,860
14$1,333,941$320,146$92,042$921,753
15$1,400,638$336,153$96,644$967,841
16$1,470,670$352,961$101,476$1,016,233
17$1,544,204$370,609$106,550$1,067,045
18$1,621,414$389,139$111,878$1,120,397
19$1,702,484$408,596$117,471$1,176,417
20$1,787,609$429,026$123,345$1,235,238
21$1,876,989$450,477$129,512$1,296,999
22$1,970,839$473,001$135,988$1,361,849
23$2,069,380$496,651$142,787$1,429,942
24$2,172,849$521,484$149,927$1,501,439
25$2,281,492$547,558$157,423$1,576,511
26$2,395,567$574,936$165,294$1,655,337
27$2,515,345$603,683$173,559$1,738,103
28$2,641,112$633,867$182,237$1,825,008
29$2,773,168$665,560$191,349$1,916,259
30$2,911,826$698,838$200,916$2,012,072
Total$47,000,000$11,280,000$3,243,000$32,477,000
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