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Powerball Annuity Jackpot Analysis for Pennsylvania (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$44,360$1,053,793
2$1,517,185$364,124$46,578$1,106,483
3$1,593,044$382,331$48,906$1,161,807
4$1,672,696$401,447$51,352$1,219,897
5$1,756,331$421,519$53,919$1,280,892
6$1,844,147$442,595$56,615$1,344,937
7$1,936,355$464,725$59,446$1,412,184
8$2,033,173$487,961$62,418$1,482,793
9$2,134,831$512,359$65,539$1,556,932
10$2,241,573$537,977$68,816$1,634,779
11$2,353,651$564,876$72,257$1,716,518
12$2,471,334$593,120$75,870$1,802,344
13$2,594,901$622,776$79,663$1,892,461
14$2,724,646$653,915$83,647$1,987,084
15$2,860,878$686,611$87,829$2,086,438
16$3,003,922$720,941$92,220$2,190,760
17$3,154,118$756,988$96,831$2,300,298
18$3,311,824$794,838$101,673$2,415,313
19$3,477,415$834,580$106,757$2,536,079
20$3,651,286$876,309$112,094$2,662,883
21$3,833,850$920,124$117,699$2,796,027
22$4,025,543$966,130$123,584$2,935,828
23$4,226,820$1,014,437$129,763$3,082,620
24$4,438,161$1,065,159$136,252$3,236,751
25$4,660,069$1,118,416$143,064$3,398,588
26$4,893,072$1,174,337$150,217$3,568,518
27$5,137,726$1,233,054$157,728$3,746,943
28$5,394,612$1,294,707$165,615$3,934,291
29$5,664,343$1,359,442$173,895$4,131,005
30$5,947,560$1,427,414$182,590$4,337,555
Total$96,000,000$23,040,000$2,947,200$70,012,800
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