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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 $157,000,000 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, Feb 10, 2016
Jackpot:$157,000,000
Federal Tax:  25%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,363,075$590,769$208,423$1,563,883
2$2,481,229$620,307$218,844$1,642,077
3$2,605,290$651,323$229,787$1,724,181
4$2,735,555$683,889$241,276$1,810,390
5$2,872,333$718,083$253,340$1,900,910
6$3,015,949$753,987$266,007$1,995,955
7$3,166,747$791,687$279,307$2,095,753
8$3,325,084$831,271$293,272$2,200,541
9$3,491,339$872,835$307,936$2,310,568
10$3,665,905$916,476$323,333$2,426,096
11$3,849,201$962,300$339,500$2,547,401
12$4,041,661$1,010,415$356,474$2,674,771
13$4,243,744$1,060,936$374,298$2,808,510
14$4,455,931$1,113,983$393,013$2,948,935
15$4,678,727$1,169,682$412,664$3,096,382
16$4,912,664$1,228,166$433,297$3,251,201
17$5,158,297$1,289,574$454,962$3,413,761
18$5,416,212$1,354,053$477,710$3,584,449
19$5,687,022$1,421,756$501,595$3,763,671
20$5,971,374$1,492,843$526,675$3,951,855
21$6,269,942$1,567,486$553,009$4,149,448
22$6,583,439$1,645,860$580,659$4,356,920
23$6,912,611$1,728,153$609,692$4,574,766
24$7,258,242$1,814,560$640,177$4,803,504
25$7,621,154$1,905,288$672,186$5,043,680
26$8,002,212$2,000,553$705,795$5,295,864
27$8,402,322$2,100,581$741,085$5,560,657
28$8,822,438$2,205,610$778,139$5,838,690
29$9,263,560$2,315,890$817,046$6,130,624
30$9,726,738$2,431,685$857,898$6,437,155
Total$157,000,000$39,250,000$13,847,400$103,902,600
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