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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 $422,000,000 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, Jul 27, 2016
Jackpot:$422,000,000
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$6,351,706$1,587,926$0$4,763,779
2$6,669,291$1,667,323$0$5,001,968
3$7,002,755$1,750,689$0$5,252,067
4$7,352,893$1,838,223$0$5,514,670
5$7,720,538$1,930,134$0$5,790,403
6$8,106,565$2,026,641$0$6,079,924
7$8,511,893$2,127,973$0$6,383,920
8$8,937,488$2,234,372$0$6,703,116
9$9,384,362$2,346,091$0$7,038,272
10$9,853,580$2,463,395$0$7,390,185
11$10,346,259$2,586,565$0$7,759,694
12$10,863,572$2,715,893$0$8,147,679
13$11,406,751$2,851,688$0$8,555,063
14$11,977,088$2,994,272$0$8,982,816
15$12,575,943$3,143,986$0$9,431,957
16$13,204,740$3,301,185$0$9,903,555
17$13,864,977$3,466,244$0$10,398,733
18$14,558,226$3,639,556$0$10,918,669
19$15,286,137$3,821,534$0$11,464,603
20$16,050,444$4,012,611$0$12,037,833
21$16,852,966$4,213,241$0$12,639,724
22$17,695,614$4,423,904$0$13,271,711
23$18,580,395$4,645,099$0$13,935,296
24$19,509,414$4,877,354$0$14,632,061
25$20,484,885$5,121,221$0$15,363,664
26$21,509,130$5,377,282$0$16,131,847
27$22,584,586$5,646,147$0$16,938,440
28$23,713,815$5,928,454$0$17,785,361
29$24,899,506$6,224,877$0$18,674,630
30$26,144,482$6,536,120$0$19,608,361
Total$422,000,001$105,500,000$0$316,500,001
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