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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 $108,000,000 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, Jun 22, 2019
Jackpot:$108,000,000
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$1,625,555$390,133$0$1,235,422
2$1,706,833$409,640$0$1,297,193
3$1,792,174$430,122$0$1,362,053
4$1,881,783$451,628$0$1,430,155
5$1,975,872$474,209$0$1,501,663
6$2,074,666$497,920$0$1,576,746
7$2,178,399$522,816$0$1,655,583
8$2,287,319$548,957$0$1,738,363
9$2,401,685$576,404$0$1,825,281
10$2,521,769$605,225$0$1,916,545
11$2,647,858$635,486$0$2,012,372
12$2,780,251$667,260$0$2,112,991
13$2,919,263$700,623$0$2,218,640
14$3,065,226$735,654$0$2,329,572
15$3,218,488$772,437$0$2,446,051
16$3,379,412$811,059$0$2,568,353
17$3,548,383$851,612$0$2,696,771
18$3,725,802$894,192$0$2,831,609
19$3,912,092$938,902$0$2,973,190
20$4,107,697$985,847$0$3,121,849
21$4,313,081$1,035,140$0$3,277,942
22$4,528,735$1,086,896$0$3,441,839
23$4,755,172$1,141,241$0$3,613,931
24$4,992,931$1,198,303$0$3,794,627
25$5,242,577$1,258,219$0$3,984,359
26$5,504,706$1,321,129$0$4,183,577
27$5,779,942$1,387,186$0$4,392,756
28$6,068,939$1,456,545$0$4,612,393
29$6,372,385$1,529,373$0$4,843,013
30$6,691,005$1,605,841$0$5,085,164
Total$108,000,000$25,920,000$0$82,080,000
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