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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 $153,000,000 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, Jan 21, 2017
Jackpot:$153,000,000
Federal Tax:  25%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,302,870$575,717$203,113$1,524,039
2$2,418,013$604,503$213,269$1,600,241
3$2,538,914$634,728$223,932$1,680,253
4$2,665,859$666,465$235,129$1,764,266
5$2,799,152$699,788$246,885$1,852,479
6$2,939,110$734,777$259,229$1,945,103
7$3,086,066$771,516$272,191$2,042,358
8$3,240,369$810,092$285,801$2,144,476
9$3,402,387$850,597$300,091$2,251,700
10$3,572,507$893,127$315,095$2,364,285
11$3,751,132$937,783$330,850$2,482,499
12$3,938,688$984,672$347,392$2,606,624
13$4,135,623$1,033,906$364,762$2,736,955
14$4,342,404$1,085,601$383,000$2,873,803
15$4,559,524$1,139,881$402,150$3,017,493
16$4,787,501$1,196,875$422,258$3,168,368
17$5,026,875$1,256,719$443,370$3,326,786
18$5,278,219$1,319,555$465,539$3,493,125
19$5,542,130$1,385,533$488,816$3,667,782
20$5,819,237$1,454,809$513,257$3,851,171
21$6,110,199$1,527,550$538,920$4,043,729
22$6,415,708$1,603,927$565,865$4,245,916
23$6,736,494$1,684,123$594,159$4,458,212
24$7,073,319$1,768,330$623,867$4,681,122
25$7,426,984$1,856,746$655,060$4,915,178
26$7,798,334$1,949,583$687,813$5,160,937
27$8,188,250$2,047,063$722,204$5,418,984
28$8,597,663$2,149,416$758,314$5,689,933
29$9,027,546$2,256,887$796,230$5,974,430
30$9,478,923$2,369,731$836,041$6,273,152
Total$153,000,000$38,250,000$13,494,600$101,255,400
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