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Powerball Annuity Jackpot Analysis for Pennsylvania (Jul. 18, 2020 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 $97,000,000 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:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$44,822$1,064,770
2$1,532,989$367,917$47,063$1,118,009
3$1,609,638$386,313$49,416$1,173,909
4$1,690,120$405,629$51,887$1,232,605
5$1,774,626$425,910$54,481$1,294,235
6$1,863,357$447,206$57,205$1,358,946
7$1,956,525$469,566$60,065$1,426,894
8$2,054,351$493,044$63,069$1,498,239
9$2,157,069$517,697$66,222$1,573,150
10$2,264,922$543,581$69,533$1,651,808
11$2,378,169$570,760$73,010$1,734,398
12$2,497,077$599,298$76,660$1,821,118
13$2,621,931$629,263$80,493$1,912,174
14$2,753,027$660,727$84,518$2,007,783
15$2,890,679$693,763$88,744$2,108,172
16$3,035,213$728,451$93,181$2,213,581
17$3,186,973$764,874$97,840$2,324,260
18$3,346,322$803,117$102,732$2,440,473
19$3,513,638$843,273$107,869$2,562,496
20$3,689,320$885,437$113,262$2,690,621
21$3,873,786$929,709$118,925$2,825,152
22$4,067,475$976,194$124,871$2,966,410
23$4,270,849$1,025,004$131,115$3,114,730
24$4,484,391$1,076,254$137,671$3,270,467
25$4,708,611$1,130,067$144,554$3,433,990
26$4,944,042$1,186,570$151,782$3,605,690
27$5,191,244$1,245,899$159,371$3,785,974
28$5,450,806$1,308,193$167,340$3,975,273
29$5,723,346$1,373,603$175,707$4,174,036
30$6,009,514$1,442,283$184,492$4,382,738
Total$97,000,000$23,280,000$2,977,900$70,742,100
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