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Powerball Annuity Jackpot Analysis for Ohio

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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 $415,000,000 would be for a resident of Ohio, 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:

Ohio

Drawing Date:  Sat, May 7, 2016
Jackpot:$415,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,246,346$1,561,586$249,854$4,434,905
2$6,558,663$1,639,666$262,347$4,656,651
3$6,886,596$1,721,649$275,464$4,889,483
4$7,230,926$1,807,731$289,237$5,133,957
5$7,592,472$1,898,118$303,699$5,390,655
6$7,972,096$1,993,024$318,884$5,660,188
7$8,370,701$2,092,675$334,828$5,943,197
8$8,789,236$2,197,309$351,569$6,240,357
9$9,228,697$2,307,174$369,148$6,552,375
10$9,690,132$2,422,533$387,605$6,879,994
11$10,174,639$2,543,660$406,986$7,223,994
12$10,683,371$2,670,843$427,335$7,585,193
13$11,217,539$2,804,385$448,702$7,964,453
14$11,778,416$2,944,604$471,137$8,362,676
15$12,367,337$3,091,834$494,693$8,780,809
16$12,985,704$3,246,426$519,428$9,219,850
17$13,634,989$3,408,747$545,400$9,680,842
18$14,316,738$3,579,185$572,670$10,164,884
19$15,032,575$3,758,144$601,303$10,673,128
20$15,784,204$3,946,051$631,368$11,206,785
21$16,573,414$4,143,354$662,937$11,767,124
22$17,402,085$4,350,521$696,083$12,355,480
23$18,272,189$4,568,047$730,888$12,973,254
24$19,185,799$4,796,450$767,432$13,621,917
25$20,145,089$5,036,272$805,804$14,303,013
26$21,152,343$5,288,086$846,094$15,018,164
27$22,209,960$5,552,490$888,398$15,769,072
28$23,320,458$5,830,115$932,818$16,557,525
29$24,486,481$6,121,620$979,459$17,385,402
30$25,710,805$6,427,701$1,028,432$18,254,672
Total$415,000,001$103,750,000$16,600,000$294,650,001
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