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Powerball Annuity Jackpot Analysis for Ohio (Jul. 18, 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 $97,000,000 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:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$58,400$1,051,192
2$1,532,989$367,917$61,320$1,103,752
3$1,609,638$386,313$64,386$1,158,939
4$1,690,120$405,629$67,605$1,216,886
5$1,774,626$425,910$70,985$1,277,731
6$1,863,357$447,206$74,534$1,341,617
7$1,956,525$469,566$78,261$1,408,698
8$2,054,351$493,044$82,174$1,479,133
9$2,157,069$517,697$86,283$1,553,090
10$2,264,922$543,581$90,597$1,630,744
11$2,378,169$570,760$95,127$1,712,281
12$2,497,077$599,298$99,883$1,797,895
13$2,621,931$629,263$104,877$1,887,790
14$2,753,027$660,727$110,121$1,982,180
15$2,890,679$693,763$115,627$2,081,289
16$3,035,213$728,451$121,409$2,185,353
17$3,186,973$764,874$127,479$2,294,621
18$3,346,322$803,117$133,853$2,409,352
19$3,513,638$843,273$140,546$2,529,819
20$3,689,320$885,437$147,573$2,656,310
21$3,873,786$929,709$154,951$2,789,126
22$4,067,475$976,194$162,699$2,928,582
23$4,270,849$1,025,004$170,834$3,075,011
24$4,484,391$1,076,254$179,376$3,228,762
25$4,708,611$1,130,067$188,344$3,390,200
26$4,944,042$1,186,570$197,762$3,559,710
27$5,191,244$1,245,899$207,650$3,737,696
28$5,450,806$1,308,193$218,032$3,924,580
29$5,723,346$1,373,603$228,934$4,120,809
30$6,009,514$1,442,283$240,381$4,326,850
Total$97,000,000$23,280,000$3,880,000$69,840,000
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