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Powerball Annuity Jackpot Analysis for Texas

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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 $154,000,000 would be for a resident of Texas, 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:

Texas

Drawing Date:  Wed, May 27, 2015
Jackpot:$154,000,000
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$2,745,835$686,459$0$2,059,376
2$2,855,669$713,917$0$2,141,752
3$2,969,895$742,474$0$2,227,422
4$3,088,691$772,173$0$2,316,518
5$3,212,239$803,060$0$2,409,179
6$3,340,728$835,182$0$2,505,546
7$3,474,358$868,589$0$2,605,768
8$3,613,332$903,333$0$2,709,999
9$3,757,865$939,466$0$2,818,399
10$3,908,180$977,045$0$2,931,135
11$4,064,507$1,016,127$0$3,048,380
12$4,227,087$1,056,772$0$3,170,315
13$4,396,171$1,099,043$0$3,297,128
14$4,572,018$1,143,004$0$3,429,013
15$4,754,898$1,188,725$0$3,566,174
16$4,945,094$1,236,274$0$3,708,821
17$5,142,898$1,285,724$0$3,857,173
18$5,348,614$1,337,153$0$4,011,460
19$5,562,558$1,390,640$0$4,171,919
20$5,785,061$1,446,265$0$4,338,796
21$6,016,463$1,504,116$0$4,512,347
22$6,257,122$1,564,280$0$4,692,841
23$6,507,407$1,626,852$0$4,880,555
24$6,767,703$1,691,926$0$5,075,777
25$7,038,411$1,759,603$0$5,278,808
26$7,319,947$1,829,987$0$5,489,961
27$7,612,745$1,903,186$0$5,709,559
28$7,917,255$1,979,314$0$5,937,941
29$8,233,945$2,058,486$0$6,175,459
30$8,563,303$2,140,826$0$6,422,477
Total$154,000,000$38,500,000$0$115,500,000
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