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Powerball Annuity Jackpot Analysis for Ohio (Sep. 23, 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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:4.80%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$15,884$235,776
2$347,688$83,445$16,679$247,564
3$365,073$87,617$17,513$259,943
4$383,326$91,998$18,388$272,940
5$402,492$96,598$19,308$286,587
6$422,617$101,428$20,273$300,916
7$443,748$106,500$21,287$315,962
8$465,935$111,824$22,351$331,760
9$489,232$117,416$23,468$348,348
10$513,694$123,287$24,642$365,765
11$539,378$129,451$25,874$384,054
12$566,347$135,923$27,168$403,256
13$594,665$142,720$28,526$423,419
14$624,398$149,856$29,952$444,590
15$655,618$157,348$31,450$466,820
16$688,399$165,216$33,022$490,161
17$722,819$173,476$34,674$514,669
18$758,960$182,150$36,407$540,402
19$796,908$191,258$38,228$567,422
20$836,753$200,821$40,139$595,793
21$878,591$210,862$42,146$625,583
22$922,520$221,405$44,253$656,862
23$968,646$232,475$46,466$689,705
24$1,017,078$244,099$48,789$724,190
25$1,067,932$256,304$51,229$760,400
26$1,121,329$269,119$53,790$798,420
27$1,177,395$282,575$56,480$838,341
28$1,236,265$296,704$59,304$880,258
29$1,298,079$311,539$62,269$924,271
30$1,362,982$327,116$65,382$970,484
Total$22,000,000$5,280,000$1,055,340$15,664,660
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