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Powerball Annuity Jackpot Analysis for Pennsylvania (Nov. 7, 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 $71,000,000 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. 7, 2018
Jackpot:$71,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,068,652$256,476$32,808$779,368
2$1,122,084$269,300$34,448$818,336
3$1,178,189$282,765$36,170$859,253
4$1,237,098$296,904$37,979$902,216
5$1,298,953$311,749$39,878$947,326
6$1,363,901$327,336$41,872$994,693
7$1,432,096$343,703$43,965$1,044,427
8$1,503,701$360,888$46,164$1,096,649
9$1,578,886$378,933$48,472$1,151,481
10$1,657,830$397,879$50,895$1,209,055
11$1,740,721$417,773$53,440$1,269,508
12$1,827,757$438,662$56,112$1,332,983
13$1,919,145$460,595$58,918$1,399,633
14$2,015,103$483,625$61,864$1,469,614
15$2,115,858$507,806$64,957$1,543,095
16$2,221,651$533,196$68,205$1,620,250
17$2,332,733$559,856$71,615$1,701,262
18$2,449,370$587,849$75,196$1,786,325
19$2,571,838$617,241$78,955$1,875,642
20$2,700,430$648,103$82,903$1,969,424
21$2,835,452$680,508$87,048$2,067,895
22$2,977,224$714,534$91,401$2,171,290
23$3,126,085$750,260$95,971$2,279,854
24$3,282,390$787,774$100,769$2,393,847
25$3,446,509$827,162$105,808$2,513,539
26$3,618,835$868,520$111,098$2,639,216
27$3,799,776$911,946$116,653$2,771,177
28$3,989,765$957,544$122,486$2,909,736
29$4,189,253$1,005,421$128,610$3,055,223
30$4,398,716$1,055,692$135,041$3,207,984
Total$71,000,000$17,040,000$2,179,700$51,780,300
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