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Powerball Annuity Jackpot Analysis for Pennsylvania (Oct. 24, 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 $602,500,000 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. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$278,403$6,613,649
2$9,521,914$2,285,259$292,323$6,944,332
3$9,998,010$2,399,522$306,939$7,291,548
4$10,497,911$2,519,499$322,286$7,656,126
5$11,022,806$2,645,473$338,400$8,038,932
6$11,573,946$2,777,747$355,320$8,440,879
7$12,152,644$2,916,634$373,086$8,862,923
8$12,760,276$3,062,466$391,740$9,306,069
9$13,398,290$3,215,589$411,327$9,771,373
10$14,068,204$3,376,369$431,894$10,259,941
11$14,771,614$3,545,187$453,489$10,772,938
12$15,510,195$3,722,447$476,163$11,311,585
13$16,285,705$3,908,569$499,971$11,877,164
14$17,099,990$4,103,998$524,970$12,471,023
15$17,954,989$4,309,197$551,218$13,094,574
16$18,852,739$4,524,657$578,779$13,749,303
17$19,795,375$4,750,890$607,718$14,436,767
18$20,785,144$4,988,435$638,104$15,158,606
19$21,824,401$5,237,856$670,009$15,916,536
20$22,915,622$5,499,749$703,510$16,712,363
21$24,061,403$5,774,737$738,685$17,547,981
22$25,264,473$6,063,473$775,619$18,425,380
23$26,527,697$6,366,647$814,400$19,346,649
24$27,854,081$6,684,979$855,120$20,313,981
25$29,246,785$7,019,228$897,876$21,329,680
26$30,709,125$7,370,190$942,770$22,396,165
27$32,244,581$7,738,699$989,909$23,515,973
28$33,856,810$8,125,634$1,039,404$24,691,771
29$35,549,650$8,531,916$1,091,374$25,926,360
30$37,327,133$8,958,512$1,145,943$27,222,678
Total$602,500,001$144,600,000$18,496,750$439,403,251
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