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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 $54,000,000 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, Dec 3, 2016
Jackpot:$54,000,000
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$812,777$203,194$0$609,583
2$853,416$213,354$0$640,062
3$896,087$224,022$0$672,065
4$940,892$235,223$0$705,669
5$987,936$246,984$0$740,952
6$1,037,333$259,333$0$778,000
7$1,089,200$272,300$0$816,900
8$1,143,660$285,915$0$857,745
9$1,200,843$300,211$0$900,632
10$1,260,885$315,221$0$945,663
11$1,323,929$330,982$0$992,947
12$1,390,125$347,531$0$1,042,594
13$1,459,632$364,908$0$1,094,724
14$1,532,613$383,153$0$1,149,460
15$1,609,244$402,311$0$1,206,933
16$1,689,706$422,427$0$1,267,280
17$1,774,191$443,548$0$1,330,643
18$1,862,901$465,725$0$1,397,176
19$1,956,046$489,011$0$1,467,034
20$2,053,848$513,462$0$1,540,386
21$2,156,541$539,135$0$1,617,405
22$2,264,368$566,092$0$1,698,276
23$2,377,586$594,397$0$1,783,190
24$2,496,465$624,116$0$1,872,349
25$2,621,289$655,322$0$1,965,966
26$2,752,353$688,088$0$2,064,265
27$2,889,971$722,493$0$2,167,478
28$3,034,469$758,617$0$2,275,852
29$3,186,193$796,548$0$2,389,645
30$3,345,502$836,376$0$2,509,127
Total$54,000,000$13,500,000$0$40,500,000
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