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Powerball Annuity Jackpot Analysis for New York (Oct. 27, 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 $687,800,000 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. 27, 2018
Jackpot:$687,800,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$913,080$6,954,727
2$10,869,996$2,608,799$958,734$7,302,463
3$11,413,496$2,739,239$1,006,670$7,667,586
4$11,984,171$2,876,201$1,057,004$8,050,966
5$12,583,379$3,020,011$1,109,854$8,453,514
6$13,212,548$3,171,011$1,165,347$8,876,190
7$13,873,176$3,329,562$1,223,614$9,319,999
8$14,566,834$3,496,040$1,284,795$9,785,999
9$15,295,176$3,670,842$1,349,035$10,275,299
10$16,059,935$3,854,384$1,416,486$10,789,064
11$16,862,932$4,047,104$1,487,311$11,328,517
12$17,706,078$4,249,459$1,561,676$11,894,943
13$18,591,382$4,461,932$1,639,760$12,489,690
14$19,520,951$4,685,028$1,721,748$13,114,175
15$20,496,998$4,919,280$1,807,835$13,769,884
16$21,521,849$5,165,244$1,898,227$14,458,378
17$22,597,941$5,423,506$1,993,138$15,181,297
18$23,727,838$5,694,681$2,092,795$15,940,361
19$24,914,230$5,979,415$2,197,435$16,737,379
20$26,159,941$6,278,386$2,307,307$17,574,249
21$27,467,938$6,592,305$2,422,672$18,452,961
22$28,841,335$6,921,920$2,543,806$19,375,609
23$30,283,402$7,268,016$2,670,996$20,344,390
24$31,797,572$7,631,417$2,804,546$21,361,609
25$33,387,450$8,012,988$2,944,773$22,429,689
26$35,056,823$8,413,638$3,092,012$23,551,174
27$36,809,665$8,834,319$3,246,612$24,728,733
28$38,650,147$9,276,035$3,408,943$25,965,169
29$40,582,655$9,739,837$3,579,390$27,263,427
30$42,611,788$10,226,829$3,758,360$28,626,599
Total$687,800,001$165,072,000$60,663,960$462,064,041
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