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Powerball Annuity Jackpot Analysis for Oklahoma

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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 $110,000,000 would be for a resident of Oklahoma, 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:

Oklahoma

Drawing Date:  Sat, Aug 1, 2015
Jackpot:$110,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,961,311$490,328$78,452$1,392,531
2$2,039,763$509,941$81,591$1,448,232
3$2,121,354$530,338$84,854$1,506,161
4$2,206,208$551,552$88,248$1,566,408
5$2,294,456$573,614$91,778$1,629,064
6$2,386,235$596,559$95,449$1,694,227
7$2,481,684$620,421$99,267$1,761,996
8$2,580,951$645,238$103,238$1,832,475
9$2,684,189$671,047$107,368$1,905,774
10$2,791,557$697,889$111,662$1,982,005
11$2,903,219$725,805$116,129$2,061,286
12$3,019,348$754,837$120,774$2,143,737
13$3,140,122$785,030$125,605$2,229,487
14$3,265,727$816,432$130,629$2,318,666
15$3,396,356$849,089$135,854$2,411,413
16$3,532,210$883,053$141,288$2,507,869
17$3,673,499$918,375$146,940$2,608,184
18$3,820,438$955,110$152,818$2,712,511
19$3,973,256$993,314$158,930$2,821,012
20$4,132,186$1,033,047$165,287$2,933,852
21$4,297,474$1,074,368$171,899$3,051,206
22$4,469,373$1,117,343$178,775$3,173,255
23$4,648,148$1,162,037$185,926$3,300,185
24$4,834,073$1,208,518$193,363$3,432,192
25$5,027,436$1,256,859$201,097$3,569,480
26$5,228,534$1,307,133$209,141$3,712,259
27$5,437,675$1,359,419$217,507$3,860,749
28$5,655,182$1,413,796$226,207$4,015,179
29$5,881,390$1,470,347$235,256$4,175,787
30$6,116,645$1,529,161$244,666$4,342,818
Total$110,000,000$27,500,000$4,400,000$78,100,000
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