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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 $120,000,000 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, Sep 2, 2015
Jackpot:$120,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,139,612$534,903$85,584$1,519,124
2$2,225,196$556,299$89,008$1,579,889
3$2,314,204$578,551$92,568$1,643,085
4$2,406,772$601,693$96,271$1,708,808
5$2,503,043$625,761$100,122$1,777,161
6$2,603,165$650,791$104,127$1,848,247
7$2,707,292$676,823$108,292$1,922,177
8$2,815,583$703,896$112,623$1,999,064
9$2,928,207$732,052$117,128$2,079,027
10$3,045,335$761,334$121,813$2,162,188
11$3,167,148$791,787$126,686$2,248,675
12$3,293,834$823,459$131,753$2,338,622
13$3,425,588$856,397$137,024$2,432,167
14$3,562,611$890,653$142,504$2,529,454
15$3,705,116$926,279$148,205$2,630,632
16$3,853,320$963,330$154,133$2,735,857
17$4,007,453$1,001,863$160,298$2,845,292
18$4,167,751$1,041,938$166,710$2,959,103
19$4,334,461$1,083,615$173,378$3,077,467
20$4,507,840$1,126,960$180,314$3,200,566
21$4,688,153$1,172,038$187,526$3,328,589
22$4,875,679$1,218,920$195,027$3,461,732
23$5,070,706$1,267,677$202,828$3,600,202
24$5,273,535$1,318,384$210,941$3,744,210
25$5,484,476$1,371,119$219,379$3,893,978
26$5,703,855$1,425,964$228,154$4,049,737
27$5,932,009$1,483,002$237,280$4,211,727
28$6,169,290$1,542,322$246,772$4,380,196
29$6,416,061$1,604,015$256,642$4,555,404
30$6,672,704$1,668,176$266,908$4,737,620
Total$120,000,000$30,000,000$4,800,000$85,200,000
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