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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 $85,000,000 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, Dec 10, 2016
Jackpot:$85,000,000
Federal Tax:  25%
State Tax:4.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,279,372$319,843$51,175$908,354
2$1,343,341$335,835$53,734$953,772
3$1,410,508$352,627$56,420$1,001,460
4$1,481,033$370,258$59,241$1,051,533
5$1,555,085$388,771$62,203$1,104,110
6$1,632,839$408,210$65,314$1,159,316
7$1,714,481$428,620$68,579$1,217,281
8$1,800,205$450,051$72,008$1,278,145
9$1,890,215$472,554$75,609$1,342,053
10$1,984,726$496,181$79,389$1,409,155
11$2,083,962$520,991$83,358$1,479,613
12$2,188,160$547,040$87,526$1,553,594
13$2,297,568$574,392$91,903$1,631,273
14$2,412,447$603,112$96,498$1,712,837
15$2,533,069$633,267$101,323$1,798,479
16$2,659,723$664,931$106,389$1,888,403
17$2,792,709$698,177$111,708$1,982,823
18$2,932,344$733,086$117,294$2,081,964
19$3,078,961$769,740$123,158$2,186,062
20$3,232,909$808,227$129,316$2,295,366
21$3,394,555$848,639$135,782$2,410,134
22$3,564,282$891,071$142,571$2,530,641
23$3,742,497$935,624$149,700$2,657,173
24$3,929,621$982,405$157,185$2,790,031
25$4,126,102$1,031,526$165,044$2,929,533
26$4,332,408$1,083,102$173,296$3,076,009
27$4,549,028$1,137,257$181,961$3,229,810
28$4,776,479$1,194,120$191,059$3,391,300
29$5,015,303$1,253,826$200,612$3,560,865
30$5,266,069$1,316,517$210,643$3,738,909
Total$85,000,000$21,250,000$3,400,000$60,350,000
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