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Powerball Annuity Jackpot Analysis for Tennessee

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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 $70,000,000 would be for a resident of Tennessee, 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:

Tennessee

Drawing Date:  Sat, Oct 1, 2016
Jackpot:$70,000,000
Federal Tax:  25%
State Tax:No state tax on lottery prizes
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$263,400$0$790,200
2$1,106,280$276,570$0$829,710
3$1,161,594$290,399$0$871,196
4$1,219,674$304,919$0$914,756
5$1,280,658$320,164$0$960,493
6$1,344,691$336,173$0$1,008,518
7$1,411,925$352,981$0$1,058,944
8$1,482,522$370,630$0$1,111,891
9$1,556,648$389,162$0$1,167,486
10$1,634,480$408,620$0$1,225,860
11$1,716,204$429,051$0$1,287,153
12$1,802,014$450,504$0$1,351,511
13$1,892,115$473,029$0$1,419,086
14$1,986,721$496,680$0$1,490,041
15$2,086,057$521,514$0$1,564,543
16$2,190,360$547,590$0$1,642,770
17$2,299,878$574,969$0$1,724,908
18$2,414,872$603,718$0$1,811,154
19$2,535,615$633,904$0$1,901,711
20$2,662,396$665,599$0$1,996,797
21$2,795,516$698,879$0$2,096,637
22$2,935,291$733,823$0$2,201,469
23$3,082,056$770,514$0$2,311,542
24$3,236,159$809,040$0$2,427,119
25$3,397,967$849,492$0$2,548,475
26$3,567,865$891,966$0$2,675,899
27$3,746,258$936,565$0$2,809,694
28$3,933,571$983,393$0$2,950,178
29$4,130,250$1,032,562$0$3,097,687
30$4,336,762$1,084,191$0$3,252,572
Total$70,000,000$17,500,000$0$52,500,000
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