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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 $90,000,000 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:  Wed, Mar 4, 2015
Jackpot:$90,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,604,709$401,177$64,188$1,139,343
2$1,668,897$417,224$66,756$1,184,917
3$1,735,653$433,913$69,426$1,232,314
4$1,805,079$451,270$72,203$1,281,606
5$1,877,282$469,321$75,091$1,332,871
6$1,952,374$488,093$78,095$1,386,185
7$2,030,469$507,617$81,219$1,441,633
8$2,111,687$527,922$84,467$1,499,298
9$2,196,155$549,039$87,846$1,559,270
10$2,284,001$571,000$91,360$1,621,641
11$2,375,361$593,840$95,014$1,686,506
12$2,470,376$617,594$98,815$1,753,967
13$2,569,191$642,298$102,768$1,824,125
14$2,671,958$667,990$106,878$1,897,090
15$2,778,837$694,709$111,153$1,972,974
16$2,889,990$722,498$115,600$2,051,893
17$3,005,590$751,397$120,224$2,133,969
18$3,125,813$781,453$125,033$2,219,327
19$3,250,846$812,711$130,034$2,308,101
20$3,380,880$845,220$135,235$2,400,425
21$3,516,115$879,029$140,645$2,496,442
22$3,656,759$914,190$146,270$2,596,299
23$3,803,030$950,757$152,121$2,700,151
24$3,955,151$988,788$158,206$2,808,157
25$4,113,357$1,028,339$164,534$2,920,484
26$4,277,891$1,069,473$171,116$3,037,303
27$4,449,007$1,112,252$177,960$3,158,795
28$4,626,967$1,156,742$185,079$3,285,147
29$4,812,046$1,203,011$192,482$3,416,553
30$5,004,528$1,251,132$200,181$3,553,215
Total$90,000,000$22,500,000$3,600,000$63,900,000
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