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Powerball Annuity Jackpot Analysis for Pennsylvania (Oct. 27, 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 $687,800,000 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. 27, 2018
Jackpot:$687,800,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$317,818$7,549,989
2$10,869,996$2,608,799$333,709$7,927,488
3$11,413,496$2,739,239$350,394$8,323,862
4$11,984,171$2,876,201$367,914$8,740,056
5$12,583,379$3,020,011$386,310$9,177,058
6$13,212,548$3,171,011$405,625$9,635,911
7$13,873,176$3,329,562$425,906$10,117,707
8$14,566,834$3,496,040$447,202$10,623,592
9$15,295,176$3,670,842$469,562$11,154,772
10$16,059,935$3,854,384$493,040$11,712,510
11$16,862,932$4,047,104$517,692$12,298,136
12$17,706,078$4,249,459$543,577$12,913,043
13$18,591,382$4,461,932$570,755$13,558,695
14$19,520,951$4,685,028$599,293$14,236,630
15$20,496,998$4,919,280$629,258$14,948,461
16$21,521,849$5,165,244$660,721$15,695,884
17$22,597,941$5,423,506$693,757$16,480,678
18$23,727,838$5,694,681$728,445$17,304,712
19$24,914,230$5,979,415$764,867$18,169,948
20$26,159,941$6,278,386$803,110$19,078,445
21$27,467,938$6,592,305$843,266$20,032,367
22$28,841,335$6,921,920$885,429$21,033,986
23$30,283,402$7,268,016$929,700$22,085,685
24$31,797,572$7,631,417$976,185$23,189,969
25$33,387,450$8,012,988$1,024,995$24,349,468
26$35,056,823$8,413,638$1,076,244$25,566,941
27$36,809,665$8,834,319$1,130,057$26,845,288
28$38,650,147$9,276,035$1,186,560$28,187,552
29$40,582,655$9,739,837$1,245,888$29,596,930
30$42,611,788$10,226,829$1,308,182$31,076,777
Total$687,800,001$165,072,000$21,115,460$501,612,541
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