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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 $138,000,000 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, May 23, 2015
Jackpot:$138,000,000
Federal Tax:  25%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,460,554$615,138$217,021$1,628,394
2$2,558,976$639,744$225,702$1,693,530
3$2,661,335$665,334$234,730$1,761,271
4$2,767,788$691,947$244,119$1,831,722
5$2,878,500$719,625$253,884$1,904,991
6$2,993,640$748,410$264,039$1,981,191
7$3,113,385$778,346$274,601$2,060,438
8$3,237,921$809,480$285,585$2,142,856
9$3,367,438$841,859$297,008$2,228,570
10$3,502,135$875,534$308,888$2,317,713
11$3,642,221$910,555$321,244$2,410,422
12$3,787,909$946,977$334,094$2,506,838
13$3,939,426$984,856$347,457$2,607,112
14$4,097,003$1,024,251$361,356$2,711,396
15$4,260,883$1,065,221$375,810$2,819,852
16$4,431,318$1,107,830$390,842$2,932,646
17$4,608,571$1,152,143$406,476$3,049,952
18$4,792,914$1,198,228$422,735$3,171,950
19$4,984,630$1,246,158$439,644$3,298,828
20$5,184,015$1,296,004$457,230$3,430,781
21$5,391,376$1,347,844$475,519$3,568,013
22$5,607,031$1,401,758$494,540$3,710,733
23$5,831,312$1,457,828$514,322$3,859,163
24$6,064,565$1,516,141$534,895$4,013,529
25$6,307,147$1,576,787$556,290$4,174,070
26$6,559,433$1,639,858$578,542$4,341,033
27$6,821,811$1,705,453$601,684$4,514,674
28$7,094,683$1,773,671$625,751$4,695,261
29$7,378,470$1,844,618$650,781$4,883,072
30$7,673,609$1,918,402$676,812$5,078,395
Total$138,000,000$34,500,000$12,171,600$91,328,400
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