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Powerball Annuity Jackpot Analysis for Puerto Rico (Jul. 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 $126,000,000 would be for a resident of Puerto Rico, 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:

Puerto Rico

Drawing Date:  Jul. 29, 2020
Jackpot:$126,000,000
Federal Tax:  24%
State Tax:No state tax on lottery prizes
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,896,481$455,155$0$1,441,325
2$1,991,305$477,913$0$1,513,392
3$2,090,870$501,809$0$1,589,061
4$2,195,414$526,899$0$1,668,514
5$2,305,184$553,244$0$1,751,940
6$2,420,443$580,906$0$1,839,537
7$2,541,466$609,952$0$1,931,514
8$2,668,539$640,449$0$2,028,090
9$2,801,966$672,472$0$2,129,494
10$2,942,064$706,095$0$2,235,969
11$3,089,167$741,400$0$2,347,767
12$3,243,626$778,470$0$2,465,156
13$3,405,807$817,394$0$2,588,413
14$3,576,097$858,263$0$2,717,834
15$3,754,902$901,177$0$2,853,726
16$3,942,647$946,235$0$2,996,412
17$4,139,780$993,547$0$3,146,233
18$4,346,769$1,043,225$0$3,303,544
19$4,564,107$1,095,386$0$3,468,721
20$4,792,313$1,150,155$0$3,642,158
21$5,031,928$1,207,663$0$3,824,265
22$5,283,525$1,268,046$0$4,015,479
23$5,547,701$1,331,448$0$4,216,253
24$5,825,086$1,398,021$0$4,427,065
25$6,116,340$1,467,922$0$4,648,419
26$6,422,157$1,541,318$0$4,880,840
27$6,743,265$1,618,384$0$5,124,881
28$7,080,428$1,699,303$0$5,381,125
29$7,434,450$1,784,268$0$5,650,182
30$7,806,172$1,873,481$0$5,932,691
Total$126,000,000$30,240,000$0$95,760,000
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