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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 $153,000,000 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, Jan 21, 2017
Jackpot:$153,000,000
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$2,302,870$575,717$0$1,727,152
2$2,418,013$604,503$0$1,813,510
3$2,538,914$634,728$0$1,904,185
4$2,665,859$666,465$0$1,999,395
5$2,799,152$699,788$0$2,099,364
6$2,939,110$734,777$0$2,204,332
7$3,086,066$771,516$0$2,314,549
8$3,240,369$810,092$0$2,430,277
9$3,402,387$850,597$0$2,551,790
10$3,572,507$893,127$0$2,679,380
11$3,751,132$937,783$0$2,813,349
12$3,938,688$984,672$0$2,954,016
13$4,135,623$1,033,906$0$3,101,717
14$4,342,404$1,085,601$0$3,256,803
15$4,559,524$1,139,881$0$3,419,643
16$4,787,501$1,196,875$0$3,590,625
17$5,026,875$1,256,719$0$3,770,157
18$5,278,219$1,319,555$0$3,958,664
19$5,542,130$1,385,533$0$4,156,598
20$5,819,237$1,454,809$0$4,364,428
21$6,110,199$1,527,550$0$4,582,649
22$6,415,708$1,603,927$0$4,811,781
23$6,736,494$1,684,123$0$5,052,370
24$7,073,319$1,768,330$0$5,304,989
25$7,426,984$1,856,746$0$5,570,238
26$7,798,334$1,949,583$0$5,848,750
27$8,188,250$2,047,063$0$6,141,188
28$8,597,663$2,149,416$0$6,448,247
29$9,027,546$2,256,887$0$6,770,660
30$9,478,923$2,369,731$0$7,109,193
Total$153,000,000$38,250,000$0$114,750,000
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