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Powerball Annuity Jackpot Analysis for New York (Oct. 24, 2018 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 $602,500,000 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:  Oct. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$799,841$6,092,211
2$9,521,914$2,285,259$839,833$6,396,822
3$9,998,010$2,399,522$881,824$6,716,663
4$10,497,911$2,519,499$925,916$7,052,496
5$11,022,806$2,645,473$972,211$7,405,121
6$11,573,946$2,777,747$1,020,822$7,775,377
7$12,152,644$2,916,634$1,071,863$8,164,146
8$12,760,276$3,062,466$1,125,456$8,572,353
9$13,398,290$3,215,589$1,181,729$9,000,971
10$14,068,204$3,376,369$1,240,816$9,451,019
11$14,771,614$3,545,187$1,302,856$9,923,570
12$15,510,195$3,722,447$1,367,999$10,419,749
13$16,285,705$3,908,569$1,436,399$10,940,736
14$17,099,990$4,103,998$1,508,219$11,487,773
15$17,954,989$4,309,197$1,583,630$12,062,162
16$18,852,739$4,524,657$1,662,812$12,665,270
17$19,795,375$4,750,890$1,745,952$13,298,533
18$20,785,144$4,988,435$1,833,250$13,963,460
19$21,824,401$5,237,856$1,924,912$14,661,633
20$22,915,622$5,499,749$2,021,158$15,394,715
21$24,061,403$5,774,737$2,122,216$16,164,450
22$25,264,473$6,063,473$2,228,327$16,972,673
23$26,527,697$6,366,647$2,339,743$17,821,307
24$27,854,081$6,684,979$2,456,730$18,712,372
25$29,246,785$7,019,228$2,579,566$19,647,990
26$30,709,125$7,370,190$2,708,545$20,630,390
27$32,244,581$7,738,699$2,843,972$21,661,910
28$33,856,810$8,125,634$2,986,171$22,745,005
29$35,549,650$8,531,916$3,135,479$23,882,255
30$37,327,133$8,958,512$3,292,253$25,076,368
Total$602,500,001$144,600,000$53,140,500$404,759,501
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