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Powerball Annuity Jackpot Analysis for New York (Sep. 23, 2020 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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$29,206$222,454
2$347,688$83,445$30,666$233,577
3$365,073$87,617$32,199$245,256
4$383,326$91,998$33,809$257,519
5$402,492$96,598$35,500$270,394
6$422,617$101,428$37,275$283,914
7$443,748$106,500$39,139$298,110
8$465,935$111,824$41,096$313,015
9$489,232$117,416$43,150$328,666
10$513,694$123,287$45,308$345,099
11$539,378$129,451$47,573$362,354
12$566,347$135,923$49,952$380,472
13$594,665$142,720$52,449$399,496
14$624,398$149,856$55,072$419,471
15$655,618$157,348$57,825$440,444
16$688,399$165,216$60,717$462,466
17$722,819$173,476$63,753$485,590
18$758,960$182,150$66,940$509,869
19$796,908$191,258$70,287$535,363
20$836,753$200,821$73,802$562,131
21$878,591$210,862$77,492$590,237
22$922,520$221,405$81,366$619,749
23$968,646$232,475$85,435$650,737
24$1,017,078$244,099$89,706$683,273
25$1,067,932$256,304$94,192$717,437
26$1,121,329$269,119$98,901$753,309
27$1,177,395$282,575$103,846$790,974
28$1,236,265$296,704$109,039$830,523
29$1,298,079$311,539$114,491$872,049
30$1,362,982$327,116$120,215$915,652
Total$22,000,000$5,280,000$1,940,400$14,779,600
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