USA Mega

Florida Powerball Jackpot Annuity Payout Schedule for Jul 17, 2002

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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 $35,000,000 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:Wed, Jul 17, 2002
Jackpot:$35,000,000
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$624,053$189,088$0$434,966
2$649,016$198,324$0$450,692
3$674,976$207,929$0$467,047
4$701,975$217,919$0$484,057
5$730,054$228,308$0$501,746
6$759,256$239,113$0$520,144
7$789,627$250,350$0$539,277
8$821,212$262,036$0$559,176
9$854,060$274,190$0$579,870
10$888,223$286,830$0$601,393
11$923,752$299,976$0$623,776
12$960,702$313,647$0$647,054
13$999,130$327,866$0$671,264
14$1,039,095$342,653$0$696,442
15$1,080,659$358,031$0$722,627
16$1,123,885$374,025$0$749,860
17$1,168,840$390,659$0$778,182
18$1,215,594$407,958$0$807,637
19$1,264,218$425,948$0$838,269
20$1,314,787$444,659$0$870,128
21$1,367,378$464,118$0$903,260
22$1,422,073$484,355$0$937,718
23$1,478,956$505,401$0$973,555
24$1,538,114$527,290$0$1,010,824
25$1,599,639$550,054$0$1,049,585
26$1,663,624$573,729$0$1,089,896
27$1,730,169$598,350$0$1,131,819
28$1,799,376$623,957$0$1,175,419
29$1,871,351$650,588$0$1,220,764
30$1,946,205$678,284$0$1,267,922
Total$35,000,000$11,695,635$0$23,304,369

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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.