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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 $127,000,000 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, Oct 31, 2020
Jackpot:$127,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$458,768$168,597$1,284,167
2$2,007,109$481,706$177,027$1,348,376
3$2,107,464$505,791$185,878$1,415,795
4$2,212,838$531,081$195,172$1,486,584
5$2,323,479$557,635$204,931$1,560,913
6$2,439,653$585,517$215,177$1,638,959
7$2,561,636$614,793$225,936$1,720,907
8$2,689,718$645,532$237,233$1,806,952
9$2,824,204$677,809$249,095$1,897,300
10$2,965,414$711,699$261,550$1,992,165
11$3,113,685$747,284$274,627$2,091,773
12$3,269,369$784,649$288,358$2,196,362
13$3,432,837$823,881$302,776$2,306,180
14$3,604,479$865,075$317,915$2,421,489
15$3,784,703$908,329$333,811$2,542,564
16$3,973,938$953,745$350,501$2,669,692
17$4,172,635$1,001,432$368,026$2,803,176
18$4,381,267$1,051,504$386,428$2,943,335
19$4,600,330$1,104,079$405,749$3,090,502
20$4,830,347$1,159,283$426,037$3,245,027
21$5,071,864$1,217,247$447,338$3,407,278
22$5,325,457$1,278,110$469,705$3,577,642
23$5,591,730$1,342,015$493,191$3,756,524
24$5,871,317$1,409,116$517,850$3,944,351
25$6,164,883$1,479,572$543,743$4,141,568
26$6,473,127$1,553,550$570,930$4,348,647
27$6,796,783$1,631,228$599,476$4,566,079
28$7,136,622$1,712,789$629,450$4,794,383
29$7,493,453$1,798,429$660,923$5,034,102
30$7,868,126$1,888,350$693,969$5,285,807
Total$127,000,000$30,480,000$11,201,400$85,318,600
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