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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 $304,000,000 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, Feb 23, 2019
Jackpot:$304,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,575,636$1,098,153$183,025$3,294,458
2$4,804,418$1,153,060$192,177$3,459,181
3$5,044,639$1,210,713$201,786$3,632,140
4$5,296,871$1,271,249$211,875$3,813,747
5$5,561,714$1,334,811$222,469$4,004,434
6$5,839,800$1,401,552$233,592$4,204,656
7$6,131,790$1,471,630$245,272$4,414,889
8$6,438,380$1,545,211$257,535$4,635,633
9$6,760,299$1,622,472$270,412$4,867,415
10$7,098,314$1,703,595$283,933$5,110,786
11$7,453,229$1,788,775$298,129$5,366,325
12$7,825,891$1,878,214$313,036$5,634,641
13$8,217,185$1,972,124$328,687$5,916,373
14$8,628,045$2,070,731$345,122$6,212,192
15$9,059,447$2,174,267$362,378$6,522,802
16$9,512,419$2,282,981$380,497$6,848,942
17$9,988,040$2,397,130$399,522$7,191,389
18$10,487,442$2,516,986$419,498$7,550,958
19$11,011,814$2,642,835$440,473$7,928,506
20$11,562,405$2,774,977$462,496$8,324,932
21$12,140,525$2,913,726$485,621$8,741,178
22$12,747,551$3,059,412$509,902$9,178,237
23$13,384,929$3,212,383$535,397$9,637,149
24$14,054,175$3,373,002$562,167$10,119,006
25$14,756,884$3,541,652$590,275$10,624,957
26$15,494,729$3,718,735$619,789$11,156,205
27$16,269,465$3,904,672$650,779$11,714,015
28$17,082,938$4,099,905$683,318$12,299,715
29$17,937,085$4,304,900$717,483$12,914,701
30$18,833,939$4,520,145$753,358$13,560,436
Total$304,000,001$72,960,000$12,160,000$218,880,000
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