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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 $90,000,000 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, Mar 4, 2015
Jackpot:$90,000,000
Federal Tax:  25%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,604,709$401,177$141,535$1,061,996
2$1,668,897$417,224$147,197$1,104,476
3$1,735,653$433,913$153,085$1,148,655
4$1,805,079$451,270$159,208$1,194,601
5$1,877,282$469,321$165,576$1,242,386
6$1,952,374$488,093$172,199$1,292,081
7$2,030,469$507,617$179,087$1,343,764
8$2,111,687$527,922$186,251$1,397,515
9$2,196,155$549,039$193,701$1,453,415
10$2,284,001$571,000$201,449$1,511,552
11$2,375,361$593,840$209,507$1,572,014
12$2,470,376$617,594$217,887$1,634,895
13$2,569,191$642,298$226,603$1,700,290
14$2,671,958$667,990$235,667$1,768,302
15$2,778,837$694,709$245,093$1,839,034
16$2,889,990$722,498$254,897$1,912,595
17$3,005,590$751,397$265,093$1,989,099
18$3,125,813$781,453$275,697$2,068,663
19$3,250,846$812,711$286,725$2,151,410
20$3,380,880$845,220$298,194$2,237,466
21$3,516,115$879,029$310,121$2,326,965
22$3,656,759$914,190$322,526$2,420,043
23$3,803,030$950,757$335,427$2,516,845
24$3,955,151$988,788$348,844$2,617,519
25$4,113,357$1,028,339$362,798$2,722,220
26$4,277,891$1,069,473$377,310$2,831,108
27$4,449,007$1,112,252$392,402$2,944,353
28$4,626,967$1,156,742$408,099$3,062,127
29$4,812,046$1,203,011$424,422$3,184,612
30$5,004,528$1,251,132$441,399$3,311,997
Total$90,000,000$22,500,000$7,938,000$59,562,000
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