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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 $80,000,000 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, May 6, 2015
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,426,408$356,602$125,809$943,997
2$1,483,464$370,866$130,842$981,757
3$1,542,803$385,701$136,075$1,021,027
4$1,604,515$401,129$141,518$1,061,868
5$1,668,696$417,174$147,179$1,104,343
6$1,735,443$433,861$153,066$1,148,516
7$1,804,861$451,215$159,189$1,194,457
8$1,877,056$469,264$165,556$1,242,235
9$1,952,138$488,034$172,179$1,291,925
10$2,030,223$507,556$179,066$1,343,602
11$2,111,432$527,858$186,228$1,397,346
12$2,195,889$548,972$193,677$1,453,240
13$2,283,725$570,931$201,425$1,511,369
14$2,375,074$593,769$209,482$1,571,824
15$2,470,077$617,519$217,861$1,634,697
16$2,568,880$642,220$226,575$1,700,085
17$2,671,635$667,909$235,638$1,768,088
18$2,778,501$694,625$245,064$1,838,812
19$2,889,641$722,410$254,866$1,912,364
20$3,005,226$751,307$265,061$1,988,859
21$3,125,435$781,359$275,663$2,068,413
22$3,250,453$812,613$286,690$2,151,150
23$3,380,471$845,118$298,158$2,237,196
24$3,515,690$878,922$310,084$2,326,684
25$3,656,317$914,079$322,487$2,419,751
26$3,802,570$950,643$335,387$2,516,541
27$3,954,673$988,668$348,802$2,617,203
28$4,112,860$1,028,215$362,754$2,721,891
29$4,277,374$1,069,344$377,264$2,830,766
30$4,448,469$1,112,117$392,355$2,943,997
Total$80,000,000$20,000,000$7,056,000$52,944,000
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