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Powerball Annuity Jackpot Analysis for Pennsylvania (Oct. 31, 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 $40,000,000 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:  Oct. 31, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$18,483$439,080
2$632,160$151,718$19,407$461,034
3$663,768$159,304$20,378$484,086
4$696,957$167,270$21,397$508,291
5$731,805$175,633$22,466$533,705
6$768,395$184,415$23,590$560,390
7$806,815$193,635$24,769$588,410
8$847,155$203,317$26,008$617,830
9$889,513$213,483$27,308$648,722
10$933,989$224,157$28,673$681,158
11$980,688$235,365$30,107$715,216
12$1,029,722$247,133$31,612$750,977
13$1,081,209$259,490$33,193$788,525
14$1,135,269$272,465$34,853$827,952
15$1,192,032$286,088$36,595$869,349
16$1,251,634$300,392$38,425$912,817
17$1,314,216$315,412$40,346$958,458
18$1,379,927$331,182$42,364$1,006,380
19$1,448,923$347,742$44,482$1,056,699
20$1,521,369$365,129$46,706$1,109,534
21$1,597,438$383,385$49,041$1,165,011
22$1,677,309$402,554$51,493$1,223,262
23$1,761,175$422,682$54,068$1,284,425
24$1,849,234$443,816$56,771$1,348,646
25$1,941,695$466,007$59,610$1,416,078
26$2,038,780$489,307$62,591$1,486,882
27$2,140,719$513,773$65,720$1,561,226
28$2,247,755$539,461$69,006$1,639,288
29$2,360,143$566,434$72,456$1,721,252
30$2,478,150$594,756$76,079$1,807,315
Total$40,000,000$9,600,000$1,228,000$29,172,000
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