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Powerball Annuity Jackpot Analysis for Pennsylvania (Nov. 3, 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 $53,000,000 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:  Nov. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$24,490$581,782
2$837,612$201,027$25,715$610,871
3$879,493$211,078$27,000$641,414
4$923,468$221,632$28,350$673,485
5$969,641$232,714$29,768$707,159
6$1,018,123$244,350$31,256$742,517
7$1,069,029$256,567$32,819$779,643
8$1,122,481$269,395$34,460$818,625
9$1,178,605$282,865$36,183$859,556
10$1,237,535$297,008$37,992$902,534
11$1,299,412$311,859$39,892$947,661
12$1,364,382$327,452$41,887$995,044
13$1,432,601$343,824$43,981$1,044,796
14$1,504,231$361,016$46,180$1,097,036
15$1,579,443$379,066$48,489$1,151,888
16$1,658,415$398,020$50,913$1,209,482
17$1,741,336$417,921$53,459$1,269,956
18$1,828,403$438,817$56,132$1,333,454
19$1,919,823$460,757$58,939$1,400,127
20$2,015,814$483,795$61,885$1,470,133
21$2,116,605$507,985$64,980$1,543,640
22$2,222,435$533,384$68,229$1,620,822
23$2,333,557$560,054$71,640$1,701,863
24$2,450,235$588,056$75,222$1,786,956
25$2,572,746$617,459$78,983$1,876,304
26$2,701,384$648,332$82,932$1,970,119
27$2,836,453$680,749$87,079$2,068,625
28$2,978,275$714,786$91,433$2,172,056
29$3,127,189$750,525$96,005$2,280,659
30$3,283,549$788,052$100,805$2,394,692
Total$53,000,000$12,720,000$1,627,100$38,652,900
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