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Powerball Annuity Jackpot Analysis for Pennsylvania

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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 $102,000,000 would be for a resident of Pennsylvania, 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:

Pennsylvania

Drawing Date:  Sat, Oct 24, 2020
Jackpot:$102,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,535,246$368,459$47,132$1,119,655
2$1,612,009$386,882$49,489$1,175,638
3$1,692,609$406,226$51,963$1,234,420
4$1,777,240$426,538$54,561$1,296,141
5$1,866,102$447,864$57,289$1,360,948
6$1,959,407$470,258$60,154$1,428,995
7$2,057,377$493,770$63,161$1,500,445
8$2,160,246$518,459$66,320$1,575,467
9$2,268,258$544,382$69,636$1,654,241
10$2,381,671$571,601$73,117$1,736,953
11$2,500,755$600,181$76,773$1,823,800
12$2,625,792$630,190$80,612$1,914,990
13$2,757,082$661,700$84,642$2,010,740
14$2,894,936$694,785$88,875$2,111,277
15$3,039,683$729,524$93,318$2,216,841
16$3,191,667$766,000$97,984$2,327,683
17$3,351,250$804,300$102,883$2,444,067
18$3,518,813$844,515$108,028$2,566,270
19$3,694,753$886,741$113,429$2,694,584
20$3,879,491$931,078$119,100$2,829,313
21$4,073,466$977,632$125,055$2,970,779
22$4,277,139$1,026,513$131,308$3,119,317
23$4,490,996$1,077,839$137,874$3,275,283
24$4,715,546$1,131,731$144,767$3,439,047
25$4,951,323$1,188,318$152,006$3,611,000
26$5,198,889$1,247,733$159,606$3,791,550
27$5,458,834$1,310,120$167,586$3,981,127
28$5,731,775$1,375,626$175,966$4,180,184
29$6,018,364$1,444,407$184,764$4,389,193
30$6,319,282$1,516,628$194,002$4,608,653
Total$102,000,000$24,480,000$3,131,400$74,388,600
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