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Powerball Annuity Jackpot Analysis for New York (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$127,444$970,709
2$1,517,185$364,124$133,816$1,019,245
3$1,593,044$382,331$140,506$1,070,207
4$1,672,696$401,447$147,532$1,123,717
5$1,756,331$421,519$154,908$1,179,903
6$1,844,147$442,595$162,654$1,238,898
7$1,936,355$464,725$170,786$1,300,843
8$2,033,173$487,961$179,326$1,365,885
9$2,134,831$512,359$188,292$1,434,180
10$2,241,573$537,977$197,707$1,505,889
11$2,353,651$564,876$207,592$1,581,183
12$2,471,334$593,120$217,972$1,660,242
13$2,594,901$622,776$228,870$1,743,254
14$2,724,646$653,915$240,314$1,830,417
15$2,860,878$686,611$252,329$1,921,938
16$3,003,922$720,941$264,946$2,018,035
17$3,154,118$756,988$278,193$2,118,936
18$3,311,824$794,838$292,103$2,224,883
19$3,477,415$834,580$306,708$2,336,127
20$3,651,286$876,309$322,043$2,452,934
21$3,833,850$920,124$338,146$2,575,580
22$4,025,543$966,130$355,053$2,704,359
23$4,226,820$1,014,437$372,805$2,839,577
24$4,438,161$1,065,159$391,446$2,981,556
25$4,660,069$1,118,416$411,018$3,130,634
26$4,893,072$1,174,337$431,569$3,287,166
27$5,137,726$1,233,054$453,147$3,451,524
28$5,394,612$1,294,707$475,805$3,624,100
29$5,664,343$1,359,442$499,595$3,805,305
30$5,947,560$1,427,414$524,575$3,995,571
Total$96,000,000$23,040,000$8,467,200$64,492,800
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