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Powerball Annuity Jackpot Analysis for Pennsylvania (Aug. 29, 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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$21,718$515,920
2$742,788$178,269$22,804$541,716
3$779,928$187,183$23,944$568,801
4$818,924$196,542$25,141$597,241
5$859,870$206,369$26,398$627,103
6$902,864$216,687$27,718$658,459
7$948,007$227,522$29,104$691,382
8$995,407$238,898$30,559$725,951
9$1,045,178$250,843$32,087$762,248
10$1,097,437$263,385$33,691$800,361
11$1,152,308$276,554$35,376$840,379
12$1,209,924$290,382$37,145$882,398
13$1,270,420$304,901$39,002$926,517
14$1,333,941$320,146$40,952$972,843
15$1,400,638$336,153$43,000$1,021,485
16$1,470,670$352,961$45,150$1,072,560
17$1,544,204$370,609$47,407$1,126,188
18$1,621,414$389,139$49,777$1,182,497
19$1,702,484$408,596$52,266$1,241,622
20$1,787,609$429,026$54,880$1,303,703
21$1,876,989$450,477$57,624$1,368,888
22$1,970,839$473,001$60,505$1,437,333
23$2,069,380$496,651$63,530$1,509,199
24$2,172,849$521,484$66,706$1,584,659
25$2,281,492$547,558$70,042$1,663,892
26$2,395,567$574,936$73,544$1,747,087
27$2,515,345$603,683$77,221$1,834,441
28$2,641,112$633,867$81,082$1,926,163
29$2,773,168$665,560$85,136$2,022,471
30$2,911,826$698,838$89,393$2,123,595
Total$47,000,000$11,280,000$1,442,900$34,277,100
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