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Powerball Annuity Jackpot Analysis for Washington

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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 $50,000,000 would be for a resident of Washington, 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:

Washington

Drawing Date:  Sat, Aug 24, 2019
Jackpot:$50,000,000
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$752,572$180,617$0$571,955
2$790,200$189,648$0$600,552
3$829,710$199,130$0$630,580
4$871,196$209,087$0$662,109
5$914,756$219,541$0$695,214
6$960,493$230,518$0$729,975
7$1,008,518$242,044$0$766,474
8$1,058,944$254,147$0$804,797
9$1,111,891$266,854$0$845,037
10$1,167,486$280,197$0$887,289
11$1,225,860$294,206$0$931,654
12$1,287,153$308,917$0$978,236
13$1,351,511$324,363$0$1,027,148
14$1,419,086$340,581$0$1,078,506
15$1,490,041$357,610$0$1,132,431
16$1,564,543$375,490$0$1,189,052
17$1,642,770$394,265$0$1,248,505
18$1,724,908$413,978$0$1,310,930
19$1,811,154$434,677$0$1,376,477
20$1,901,711$456,411$0$1,445,301
21$1,996,797$479,231$0$1,517,566
22$2,096,637$503,193$0$1,593,444
23$2,201,469$528,352$0$1,673,116
24$2,311,542$554,770$0$1,756,772
25$2,427,119$582,509$0$1,844,611
26$2,548,475$611,634$0$1,936,841
27$2,675,899$642,216$0$2,033,683
28$2,809,694$674,327$0$2,135,367
29$2,950,178$708,043$0$2,242,136
30$3,097,687$743,445$0$2,354,242
Total$50,000,000$12,000,000$0$38,000,000
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