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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 $60,000,000 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, Sep 28, 2016
Jackpot:$60,000,000
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$903,086$225,772$0$677,315
2$948,240$237,060$0$711,180
3$995,652$248,913$0$746,739
4$1,045,435$261,359$0$784,076
5$1,097,707$274,427$0$823,280
6$1,152,592$288,148$0$864,444
7$1,210,222$302,555$0$907,666
8$1,270,733$317,683$0$953,050
9$1,334,270$333,567$0$1,000,702
10$1,400,983$350,246$0$1,050,737
11$1,471,032$367,758$0$1,103,274
12$1,544,584$386,146$0$1,158,438
13$1,621,813$405,453$0$1,216,360
14$1,702,904$425,726$0$1,277,178
15$1,788,049$447,012$0$1,341,037
16$1,877,451$469,363$0$1,408,088
17$1,971,324$492,831$0$1,478,493
18$2,069,890$517,472$0$1,552,417
19$2,173,384$543,346$0$1,630,038
20$2,282,054$570,513$0$1,711,540
21$2,396,156$599,039$0$1,797,117
22$2,515,964$628,991$0$1,886,973
23$2,641,762$660,441$0$1,981,322
24$2,773,850$693,463$0$2,080,388
25$2,912,543$728,136$0$2,184,407
26$3,058,170$764,543$0$2,293,628
27$3,211,079$802,770$0$2,408,309
28$3,371,633$842,908$0$2,528,724
29$3,540,214$885,054$0$2,655,161
30$3,717,225$929,306$0$2,787,919
Total$60,000,000$15,000,000$0$45,000,000
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