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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 $158,000,000 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:  Sat, Aug 8, 2020
Jackpot:$158,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,378,127$570,750$209,751$1,597,626
2$2,497,033$599,288$220,238$1,677,507
3$2,621,885$629,252$231,250$1,761,382
4$2,752,979$660,715$242,813$1,849,451
5$2,890,628$693,751$254,953$1,941,924
6$3,035,159$728,438$267,701$2,039,020
7$3,186,917$764,860$281,086$2,140,971
8$3,346,263$803,103$295,140$2,248,020
9$3,513,576$843,258$309,897$2,360,421
10$3,689,255$885,421$325,392$2,478,442
11$3,873,718$929,692$341,662$2,602,364
12$4,067,404$976,177$358,745$2,732,482
13$4,270,774$1,024,986$376,682$2,869,106
14$4,484,313$1,076,235$395,516$3,012,561
15$4,708,528$1,130,047$415,292$3,163,189
16$4,943,955$1,186,549$436,057$3,321,349
17$5,191,152$1,245,877$457,860$3,487,416
18$5,450,710$1,308,170$480,753$3,661,787
19$5,723,246$1,373,579$504,790$3,844,876
20$6,009,408$1,442,258$530,030$4,037,120
21$6,309,878$1,514,371$556,531$4,238,976
22$6,625,372$1,590,089$584,358$4,450,925
23$6,956,641$1,669,594$613,576$4,673,471
24$7,304,473$1,753,073$644,254$4,907,145
25$7,669,696$1,840,727$676,467$5,152,502
26$8,053,181$1,932,764$710,291$5,410,127
27$8,455,840$2,029,402$745,805$5,680,634
28$8,878,632$2,130,872$783,095$5,964,665
29$9,322,564$2,237,415$822,250$6,262,898
30$9,788,692$2,349,286$863,363$6,576,043
Total$158,000,000$37,920,000$13,935,600$106,144,400
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