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Powerball Annuity Jackpot Analysis for New York (Jan. 16, 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 $112,000,000 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. 16, 2019
Jackpot:$112,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,685,761$404,583$148,684$1,132,494
2$1,770,049$424,812$156,118$1,189,119
3$1,858,551$446,052$163,924$1,248,575
4$1,951,479$468,355$172,120$1,311,003
5$2,049,053$491,773$180,726$1,376,554
6$2,151,505$516,361$189,763$1,445,381
7$2,259,081$542,179$199,251$1,517,650
8$2,372,035$569,288$209,213$1,593,533
9$2,490,636$597,753$219,674$1,673,210
10$2,615,168$627,640$230,658$1,756,870
11$2,745,927$659,022$242,191$1,844,714
12$2,883,223$691,974$254,300$1,936,949
13$3,027,384$726,572$267,015$2,033,797
14$3,178,753$762,901$280,366$2,135,486
15$3,337,691$801,046$294,384$2,242,261
16$3,504,576$841,098$309,104$2,354,374
17$3,679,804$883,153$324,559$2,472,092
18$3,863,794$927,311$340,787$2,595,697
19$4,056,984$973,676$357,826$2,725,482
20$4,259,833$1,022,360$375,717$2,861,756
21$4,472,825$1,073,478$394,503$3,004,844
22$4,696,466$1,127,152$414,228$3,155,086
23$4,931,290$1,183,510$434,940$3,312,840
24$5,177,854$1,242,685$456,687$3,478,482
25$5,436,747$1,304,819$479,521$3,652,406
26$5,708,584$1,370,060$503,497$3,835,027
27$5,994,013$1,438,563$528,672$4,026,778
28$6,293,714$1,510,491$555,106$4,228,117
29$6,608,400$1,586,016$582,861$4,439,523
30$6,938,820$1,665,317$612,004$4,661,499
Total$112,000,000$26,880,000$9,878,400$75,241,600
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