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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 $478,000,000 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, Jul 30, 2016
Jackpot:$478,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,194,586$1,798,646$287,783$5,108,156
2$7,554,315$1,888,579$302,173$5,363,564
3$7,932,031$1,983,008$317,281$5,631,742
4$8,328,633$2,082,158$333,145$5,913,329
5$8,745,064$2,186,266$349,803$6,208,995
6$9,182,317$2,295,579$367,293$6,519,445
7$9,641,434$2,410,358$385,657$6,845,418
8$10,123,505$2,530,876$404,940$7,187,689
9$10,629,680$2,657,420$425,187$7,547,073
10$11,161,164$2,790,291$446,447$7,924,427
11$11,719,223$2,929,806$468,769$8,320,648
12$12,305,184$3,076,296$492,207$8,736,680
13$12,920,443$3,230,111$516,818$9,173,514
14$13,566,465$3,391,616$542,659$9,632,190
15$14,244,788$3,561,197$569,792$10,113,800
16$14,957,028$3,739,257$598,281$10,619,490
17$15,704,879$3,926,220$628,195$11,150,464
18$16,490,123$4,122,531$659,605$11,707,987
19$17,314,629$4,328,657$692,585$12,293,387
20$18,180,361$4,545,090$727,214$12,908,056
21$19,089,378$4,772,345$763,575$13,553,459
22$20,043,847$5,010,962$801,754$14,231,132
23$21,046,040$5,261,510$841,842$14,942,688
24$22,098,342$5,524,585$883,934$15,689,822
25$23,203,259$5,800,815$928,130$16,474,314
26$24,363,422$6,090,855$974,537$17,298,030
27$25,581,593$6,395,398$1,023,264$18,162,931
28$26,860,672$6,715,168$1,074,427$19,071,077
29$28,203,706$7,050,926$1,128,148$20,024,631
30$29,613,892$7,403,473$1,184,556$21,025,863
Total$478,000,001$119,500,000$19,120,000$339,380,001
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