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Powerball Annuity Jackpot Analysis for New York (Apr. 3, 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 $54,000,000 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:  Apr. 3, 2019
Jackpot:$54,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$195,067$71,687$546,024
2$853,416$204,820$75,271$573,325
3$896,087$215,061$79,035$601,991
4$940,892$225,814$82,987$632,091
5$987,936$237,105$87,136$663,695
6$1,037,333$248,960$91,493$696,880
7$1,089,200$261,408$96,067$731,724
8$1,143,660$274,478$100,871$768,311
9$1,200,843$288,202$105,914$806,726
10$1,260,885$302,612$111,210$847,062
11$1,323,929$317,743$116,771$889,415
12$1,390,125$333,630$122,609$933,886
13$1,459,632$350,312$128,740$980,581
14$1,532,613$367,827$135,176$1,029,610
15$1,609,244$386,219$141,935$1,081,090
16$1,689,706$405,529$149,032$1,135,145
17$1,774,191$425,806$156,484$1,191,902
18$1,862,901$447,096$164,308$1,251,497
19$1,956,046$469,451$172,523$1,314,072
20$2,053,848$492,924$181,149$1,379,775
21$2,156,541$517,570$190,207$1,448,764
22$2,264,368$543,448$199,717$1,521,202
23$2,377,586$570,621$209,703$1,597,262
24$2,496,465$599,152$220,188$1,677,125
25$2,621,289$629,109$231,198$1,760,982
26$2,752,353$660,565$242,758$1,849,031
27$2,889,971$693,593$254,895$1,941,482
28$3,034,469$728,273$267,640$2,038,556
29$3,186,193$764,686$281,022$2,140,484
30$3,345,502$802,921$295,073$2,247,509
Total$54,000,000$12,960,000$4,762,800$36,277,200
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