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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 $125,000,000 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 30, 2020
Jackpot:$125,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,881,429$451,543$75,257$1,354,629
2$1,975,501$474,120$79,020$1,422,361
3$2,074,276$497,826$82,971$1,493,479
4$2,177,990$522,718$87,120$1,568,153
5$2,286,889$548,853$91,476$1,646,560
6$2,401,234$576,296$96,049$1,728,888
7$2,521,295$605,111$100,852$1,815,333
8$2,647,360$635,366$105,894$1,906,099
9$2,779,728$667,135$111,189$2,001,404
10$2,918,715$700,491$116,749$2,101,474
11$3,064,650$735,516$122,586$2,206,548
12$3,217,883$772,292$128,715$2,316,876
13$3,378,777$810,906$135,151$2,432,719
14$3,547,716$851,452$141,909$2,554,355
15$3,725,102$894,024$149,004$2,682,073
16$3,911,357$938,726$156,454$2,816,177
17$4,106,924$985,662$164,277$2,956,986
18$4,312,271$1,034,945$172,491$3,104,835
19$4,527,884$1,086,692$181,115$3,260,077
20$4,754,278$1,141,027$190,171$3,423,080
21$4,991,992$1,198,078$199,680$3,594,234
22$5,241,592$1,257,982$209,664$3,773,946
23$5,503,672$1,320,881$220,147$3,962,643
24$5,778,855$1,386,925$231,154$4,160,776
25$6,067,798$1,456,271$242,712$4,368,814
26$6,371,188$1,529,085$254,848$4,587,255
27$6,689,747$1,605,539$267,590$4,816,618
28$7,024,234$1,685,816$280,969$5,057,449
29$7,375,446$1,770,107$295,018$5,310,321
30$7,744,219$1,858,612$309,769$5,575,837
Total$125,000,000$30,000,000$5,000,000$90,000,000
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