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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 $122,000,000 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:  Wed, Jun 26, 2019
Jackpot:$122,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$440,706$56,374$1,339,195
2$1,928,089$462,741$59,192$1,406,155
3$2,024,493$485,878$62,152$1,476,463
4$2,125,718$510,172$65,260$1,550,286
5$2,232,004$535,681$68,523$1,627,800
6$2,343,604$562,465$71,949$1,709,190
7$2,460,784$590,588$75,546$1,794,650
8$2,583,823$620,118$79,323$1,884,382
9$2,713,015$651,124$83,290$1,978,602
10$2,848,665$683,680$87,454$2,077,532
11$2,991,099$717,864$91,827$2,181,408
12$3,140,654$753,757$96,418$2,290,479
13$3,297,686$791,445$101,239$2,405,003
14$3,462,571$831,017$106,301$2,525,253
15$3,635,699$872,568$111,616$2,651,515
16$3,817,484$916,196$117,197$2,784,091
17$4,008,358$962,006$123,057$2,923,296
18$4,208,776$1,010,106$129,209$3,069,460
19$4,419,215$1,060,612$135,670$3,222,933
20$4,640,176$1,113,642$142,453$3,384,080
21$4,872,184$1,169,324$149,576$3,553,284
22$5,115,794$1,227,790$157,055$3,730,948
23$5,371,583$1,289,180$164,908$3,917,496
24$5,640,162$1,353,639$173,153$4,113,370
25$5,922,171$1,421,321$181,811$4,319,039
26$6,218,279$1,492,387$190,901$4,534,991
27$6,529,193$1,567,006$200,446$4,761,741
28$6,855,653$1,645,357$210,469$4,999,828
29$7,198,435$1,727,625$220,992$5,249,819
30$7,558,357$1,814,006$232,042$5,512,310
Total$122,000,000$29,280,000$3,745,400$88,974,600
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