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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 $158,000,000 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:  Sat, Aug 8, 2020
Jackpot:$158,000,000
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$2,378,127$570,750$0$1,807,376
2$2,497,033$599,288$0$1,897,745
3$2,621,885$629,252$0$1,992,632
4$2,752,979$660,715$0$2,092,264
5$2,890,628$693,751$0$2,196,877
6$3,035,159$728,438$0$2,306,721
7$3,186,917$764,860$0$2,422,057
8$3,346,263$803,103$0$2,543,160
9$3,513,576$843,258$0$2,670,318
10$3,689,255$885,421$0$2,803,834
11$3,873,718$929,692$0$2,944,026
12$4,067,404$976,177$0$3,091,227
13$4,270,774$1,024,986$0$3,245,788
14$4,484,313$1,076,235$0$3,408,078
15$4,708,528$1,130,047$0$3,578,482
16$4,943,955$1,186,549$0$3,757,406
17$5,191,152$1,245,877$0$3,945,276
18$5,450,710$1,308,170$0$4,142,540
19$5,723,246$1,373,579$0$4,349,667
20$6,009,408$1,442,258$0$4,567,150
21$6,309,878$1,514,371$0$4,795,507
22$6,625,372$1,590,089$0$5,035,283
23$6,956,641$1,669,594$0$5,287,047
24$7,304,473$1,753,073$0$5,551,399
25$7,669,696$1,840,727$0$5,828,969
26$8,053,181$1,932,764$0$6,120,418
27$8,455,840$2,029,402$0$6,426,439
28$8,878,632$2,130,872$0$6,747,761
29$9,322,564$2,237,415$0$7,085,149
30$9,788,692$2,349,286$0$7,439,406
Total$158,000,000$37,920,000$0$120,080,000
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