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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 $80,000,000 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:  Wed, May 25, 2016
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,204,115$301,029$48,165$854,922
2$1,264,321$316,080$50,573$897,668
3$1,327,537$331,884$53,101$942,551
4$1,393,913$348,478$55,757$989,679
5$1,463,609$365,902$58,544$1,039,162
6$1,536,790$384,197$61,472$1,091,121
7$1,613,629$403,407$64,545$1,145,677
8$1,694,310$423,578$67,772$1,202,960
9$1,779,026$444,757$71,161$1,263,108
10$1,867,977$466,994$74,719$1,326,264
11$1,961,376$490,344$78,455$1,392,577
12$2,059,445$514,861$82,378$1,462,206
13$2,162,417$540,604$86,497$1,535,316
14$2,270,538$567,635$90,822$1,612,082
15$2,384,065$596,016$95,363$1,692,686
16$2,503,268$625,817$100,131$1,777,320
17$2,628,432$657,108$105,137$1,866,186
18$2,759,853$689,963$110,394$1,959,496
19$2,897,846$724,461$115,914$2,057,471
20$3,042,738$760,685$121,710$2,160,344
21$3,194,875$798,719$127,795$2,268,361
22$3,354,619$838,655$134,185$2,381,779
23$3,522,350$880,587$140,894$2,500,868
24$3,698,467$924,617$147,939$2,625,912
25$3,883,391$970,848$155,336$2,757,207
26$4,077,560$1,019,390$163,102$2,895,068
27$4,281,438$1,070,360$171,258$3,039,821
28$4,495,510$1,123,878$179,820$3,191,812
29$4,720,286$1,180,071$188,811$3,351,403
30$4,956,300$1,239,075$198,252$3,518,973
Total$80,000,000$20,000,000$3,200,000$56,800,000
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