USA Mega

Florida Powerball Jackpot Annuity Payout Schedule for May 24, 1997

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $17,000,000 for a ticket purchased in Florida, 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Florida

Drawing Date:Sat, May 24, 1997
Jackpot:$17,000,000
Federal Tax:37% marginal rate
State Tax: No state tax on lottery prizes
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$303,112$76,464$0$226,648
2$315,236$80,707$0$234,529
3$327,846$85,121$0$242,725
4$340,959$89,711$0$251,249
5$354,598$94,484$0$260,114
6$368,782$99,448$0$269,333
7$383,533$104,611$0$278,922
8$398,874$109,981$0$288,894
9$414,829$115,565$0$299,264
10$431,422$121,373$0$310,050
11$448,679$127,413$0$321,267
12$466,627$133,694$0$332,932
13$485,292$140,227$0$345,065
14$504,703$147,021$0$357,682
15$524,891$154,087$0$370,805
16$545,887$161,435$0$384,452
17$567,723$169,078$0$398,645
18$590,431$177,026$0$413,406
19$614,049$185,386$0$428,663
20$638,611$194,474$0$444,137
21$664,155$203,925$0$460,230
22$690,721$213,755$0$476,967
23$718,350$223,977$0$494,373
24$747,084$234,609$0$512,475
25$776,967$245,666$0$531,302
26$808,046$257,165$0$550,881
27$840,368$269,124$0$571,244
28$873,983$281,561$0$592,421
29$908,942$294,496$0$614,446
30$945,300$307,949$0$637,351
Total$17,000,000$5,099,533$0$11,900,472

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.