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Powerball Annuity Jackpot Analysis for Pennsylvania (Dec. 15, 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 $246,000,000 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:  Dec. 15, 2018
Jackpot:$246,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,702,653$888,637$113,671$2,700,345
2$3,887,786$933,069$119,355$2,835,362
3$4,082,175$979,722$125,323$2,977,130
4$4,286,284$1,028,708$131,589$3,125,987
5$4,500,598$1,080,143$138,168$3,282,286
6$4,725,628$1,134,151$145,077$3,446,400
7$4,961,909$1,190,858$152,331$3,618,720
8$5,210,005$1,250,401$159,947$3,799,656
9$5,470,505$1,312,921$167,945$3,989,639
10$5,744,030$1,378,567$176,342$4,189,121
11$6,031,232$1,447,496$185,159$4,398,577
12$6,332,793$1,519,870$194,417$4,618,506
13$6,649,433$1,595,864$204,138$4,849,431
14$6,981,905$1,675,657$214,344$5,091,903
15$7,331,000$1,759,440$225,062$5,346,498
16$7,697,550$1,847,412$236,315$5,613,823
17$8,082,427$1,939,783$248,131$5,894,514
18$8,486,549$2,036,772$260,537$6,189,240
19$8,910,876$2,138,610$273,564$6,498,702
20$9,356,420$2,245,541$287,242$6,823,637
21$9,824,241$2,357,818$301,604$7,164,819
22$10,315,453$2,475,709$316,684$7,523,060
23$10,831,226$2,599,494$332,519$7,899,213
24$11,372,787$2,729,469$349,145$8,294,173
25$11,941,426$2,865,942$366,602$8,708,882
26$12,538,497$3,009,239$384,932$9,144,326
27$13,165,422$3,159,701$404,178$9,601,543
28$13,823,693$3,317,686$424,387$10,081,619
29$14,514,878$3,483,571$445,607$10,585,701
30$15,240,622$3,657,749$467,887$11,114,986
Total$246,000,000$59,040,000$7,552,200$179,407,800
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