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Powerball Annuity Jackpot Analysis for New York

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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 $67,000,000 would be for a resident of New York, 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:

New York

Drawing Date:  Wed, Dec 7, 2016
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$88,945$667,390
2$1,058,868$264,717$93,392$700,759
3$1,111,812$277,953$98,062$735,797
4$1,167,403$291,851$102,965$772,587
5$1,225,773$306,443$108,113$811,216
6$1,287,061$321,765$113,519$851,777
7$1,351,414$337,854$119,195$894,366
8$1,418,985$354,746$125,154$939,084
9$1,489,934$372,484$131,412$986,039
10$1,564,431$391,108$137,983$1,035,340
11$1,642,653$410,663$144,882$1,087,107
12$1,724,785$431,196$152,126$1,141,463
13$1,811,024$452,756$159,732$1,198,536
14$1,901,576$475,394$167,719$1,258,463
15$1,996,654$499,164$176,105$1,321,386
16$2,096,487$524,122$184,910$1,387,455
17$2,201,311$550,328$194,156$1,456,828
18$2,311,377$577,844$203,863$1,529,669
19$2,426,946$606,736$214,057$1,606,153
20$2,548,293$637,073$224,759$1,686,460
21$2,675,708$668,927$235,997$1,770,783
22$2,809,493$702,373$247,797$1,859,323
23$2,949,968$737,492$260,187$1,952,289
24$3,097,466$774,367$273,197$2,049,903
25$3,252,340$813,085$286,856$2,152,398
26$3,414,957$853,739$301,199$2,260,018
27$3,585,704$896,426$316,259$2,373,019
28$3,764,990$941,247$332,072$2,491,670
29$3,953,239$988,310$348,676$2,616,254
30$4,150,901$1,037,725$366,109$2,747,066
Total$67,000,000$16,750,000$5,909,400$44,340,600
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