USA Mega

Florida Powerball Jackpot Annuity Payout Schedule for Mar 2, 2011

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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 $20,000,000 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, Mar 2, 2011
Jackpot:$20,000,000
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$356,602$95,185$0$261,417
2$370,866$100,178$0$270,688
3$385,701$105,370$0$280,331
4$401,129$110,770$0$290,359
5$417,174$116,386$0$300,788
6$433,861$122,226$0$311,635
7$451,215$128,300$0$322,915
8$469,264$134,617$0$334,647
9$488,034$141,187$0$346,848
10$507,556$148,019$0$359,537
11$527,858$155,125$0$372,733
12$548,972$162,515$0$386,457
13$570,931$170,201$0$400,731
14$593,769$178,194$0$415,575
15$617,519$186,670$0$430,849
16$642,220$195,809$0$446,411
17$667,909$205,314$0$462,595
18$694,625$215,199$0$479,426
19$722,410$225,480$0$496,931
20$751,307$236,171$0$515,135
21$781,359$247,291$0$534,068
22$812,613$258,855$0$553,759
23$845,118$270,881$0$574,236
24$878,922$283,389$0$595,533
25$914,079$296,397$0$617,682
26$950,643$309,925$0$640,717
27$988,668$323,995$0$664,673
28$1,028,215$338,627$0$689,588
29$1,069,344$353,845$0$715,499
30$1,112,117$369,671$0$742,446
Total$20,000,000$6,185,792$0$13,814,209

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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.