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Powerball Annuity Jackpot Analysis for Tennessee (Oct. 20, 2018 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 $476,700,000 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:  Oct. 20, 2018
Jackpot:$476,700,000
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$7,175,019$1,722,005$0$5,453,014
2$7,533,770$1,808,105$0$5,725,665
3$7,910,458$1,898,510$0$6,011,948
4$8,305,982$1,993,436$0$6,312,546
5$8,721,280$2,093,107$0$6,628,173
6$9,157,345$2,197,763$0$6,959,582
7$9,615,212$2,307,651$0$7,307,561
8$10,095,973$2,423,033$0$7,672,939
9$10,600,771$2,544,185$0$8,056,586
10$11,130,810$2,671,394$0$8,459,415
11$11,687,350$2,804,964$0$8,882,386
12$12,271,718$2,945,212$0$9,326,505
13$12,885,303$3,092,473$0$9,792,831
14$13,529,569$3,247,097$0$10,282,472
15$14,206,047$3,409,451$0$10,796,596
16$14,916,350$3,579,924$0$11,336,426
17$15,662,167$3,758,920$0$11,903,247
18$16,445,275$3,946,866$0$12,498,409
19$17,267,539$4,144,209$0$13,123,330
20$18,130,916$4,351,420$0$13,779,496
21$19,037,462$4,568,991$0$14,468,471
22$19,989,335$4,797,440$0$15,191,894
23$20,988,802$5,037,312$0$15,951,489
24$22,038,241$5,289,178$0$16,749,063
25$23,140,153$5,553,637$0$17,586,517
26$24,297,162$5,831,319$0$18,465,843
27$25,512,020$6,122,885$0$19,389,135
28$26,787,620$6,429,029$0$20,358,591
29$28,127,001$6,750,480$0$21,376,521
30$29,533,352$7,088,004$0$22,445,347
Total$476,700,001$114,408,000$0$362,292,001
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