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Powerball Annuity Jackpot Analysis for Pennsylvania (Oct. 20, 2018 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 $476,700,000 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:  Oct. 20, 2018
Jackpot:$476,700,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,175,019$1,722,005$220,273$5,232,741
2$7,533,770$1,808,105$231,287$5,494,379
3$7,910,458$1,898,510$242,851$5,769,097
4$8,305,982$1,993,436$254,994$6,057,552
5$8,721,280$2,093,107$267,743$6,360,430
6$9,157,345$2,197,763$281,130$6,678,451
7$9,615,212$2,307,651$295,187$7,012,374
8$10,095,973$2,423,033$309,946$7,362,993
9$10,600,771$2,544,185$325,444$7,731,142
10$11,130,810$2,671,394$341,716$8,117,699
11$11,687,350$2,804,964$358,802$8,523,584
12$12,271,718$2,945,212$376,742$8,949,764
13$12,885,303$3,092,473$395,579$9,397,252
14$13,529,569$3,247,097$415,358$9,867,115
15$14,206,047$3,409,451$436,126$10,360,470
16$14,916,350$3,579,924$457,932$10,878,494
17$15,662,167$3,758,920$480,829$11,422,418
18$16,445,275$3,946,866$504,870$11,993,539
19$17,267,539$4,144,209$530,113$12,593,216
20$18,130,916$4,351,420$556,619$13,222,877
21$19,037,462$4,568,991$584,450$13,884,021
22$19,989,335$4,797,440$613,673$14,578,222
23$20,988,802$5,037,312$644,356$15,307,133
24$22,038,241$5,289,178$676,574$16,072,489
25$23,140,153$5,553,637$710,403$16,876,114
26$24,297,162$5,831,319$745,923$17,719,920
27$25,512,020$6,122,885$783,219$18,605,916
28$26,787,620$6,429,029$822,380$19,536,211
29$28,127,001$6,750,480$863,499$20,513,022
30$29,533,352$7,088,004$906,674$21,538,673
Total$476,700,001$114,408,000$14,634,690$347,657,311
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