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Powerball Annuity Jackpot Analysis for Texas (Nov. 3, 2018 Drawing)

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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 $53,000,000 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:  Nov. 3, 2018
Jackpot:$53,000,000
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$797,726$191,454$0$606,272
2$837,612$201,027$0$636,585
3$879,493$211,078$0$668,415
4$923,468$221,632$0$701,835
5$969,641$232,714$0$736,927
6$1,018,123$244,350$0$773,774
7$1,069,029$256,567$0$812,462
8$1,122,481$269,395$0$853,085
9$1,178,605$282,865$0$895,740
10$1,237,535$297,008$0$940,527
11$1,299,412$311,859$0$987,553
12$1,364,382$327,452$0$1,036,931
13$1,432,601$343,824$0$1,088,777
14$1,504,231$361,016$0$1,143,216
15$1,579,443$379,066$0$1,200,377
16$1,658,415$398,020$0$1,260,396
17$1,741,336$417,921$0$1,323,415
18$1,828,403$438,817$0$1,389,586
19$1,919,823$460,757$0$1,459,065
20$2,015,814$483,795$0$1,532,019
21$2,116,605$507,985$0$1,608,620
22$2,222,435$533,384$0$1,689,051
23$2,333,557$560,054$0$1,773,503
24$2,450,235$588,056$0$1,862,178
25$2,572,746$617,459$0$1,955,287
26$2,701,384$648,332$0$2,053,052
27$2,836,453$680,749$0$2,155,704
28$2,978,275$714,786$0$2,263,489
29$3,127,189$750,525$0$2,376,664
30$3,283,549$788,052$0$2,495,497
Total$53,000,000$12,720,000$0$40,280,000
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