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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 $176,000,000 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, Feb 13, 2016
Jackpot:$176,000,000
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$2,649,053$662,263$0$1,986,789
2$2,781,505$695,376$0$2,086,129
3$2,920,580$730,145$0$2,190,435
4$3,066,610$766,652$0$2,299,957
5$3,219,940$804,985$0$2,414,955
6$3,380,937$845,234$0$2,535,703
7$3,549,984$887,496$0$2,662,488
8$3,727,483$931,871$0$2,795,612
9$3,913,857$978,464$0$2,935,393
10$4,109,550$1,027,388$0$3,082,163
11$4,315,028$1,078,757$0$3,236,271
12$4,530,779$1,132,695$0$3,398,084
13$4,757,318$1,189,329$0$3,567,988
14$4,995,184$1,248,796$0$3,746,388
15$5,244,943$1,311,236$0$3,933,707
16$5,507,190$1,376,798$0$4,130,393
17$5,782,550$1,445,637$0$4,336,912
18$6,071,677$1,517,919$0$4,553,758
19$6,375,261$1,593,815$0$4,781,446
20$6,694,024$1,673,506$0$5,020,518
21$7,028,725$1,757,181$0$5,271,544
22$7,380,161$1,845,040$0$5,535,121
23$7,749,169$1,937,292$0$5,811,877
24$8,136,628$2,034,157$0$6,102,471
25$8,543,459$2,135,865$0$6,407,594
26$8,970,632$2,242,658$0$6,727,974
27$9,419,164$2,354,791$0$7,064,373
28$9,890,122$2,472,531$0$7,417,592
29$10,384,628$2,596,157$0$7,788,471
30$10,903,860$2,725,965$0$8,177,895
Total$176,000,000$44,000,000$0$132,000,000
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