USA Mega

Florida Powerball Jackpot Annuity Payout Schedule for May 22, 2013

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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 $40,000,000 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, May 22, 2013
Jackpot:$40,000,000
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$713,204$222,073$0$491,131
2$741,732$232,629$0$509,103
3$771,401$243,606$0$527,795
4$802,257$255,023$0$547,234
5$834,348$266,896$0$567,451
6$867,722$279,245$0$588,477
7$902,431$292,087$0$610,343
8$938,528$305,443$0$633,085
9$976,069$319,333$0$656,736
10$1,015,112$333,779$0$681,333
11$1,055,716$348,803$0$706,913
12$1,097,945$364,427$0$733,517
13$1,141,863$380,677$0$761,186
14$1,187,537$397,576$0$789,961
15$1,235,039$415,152$0$819,887
16$1,284,440$433,431$0$851,009
17$1,335,818$452,440$0$883,377
18$1,389,250$472,210$0$917,040
19$1,444,820$492,771$0$952,049
20$1,502,613$514,155$0$988,459
21$1,562,718$536,393$0$1,026,324
22$1,625,226$559,522$0$1,065,705
23$1,690,235$583,575$0$1,106,661
24$1,757,845$608,590$0$1,149,255
25$1,828,159$634,606$0$1,193,552
26$1,901,285$661,663$0$1,239,622
27$1,977,336$689,802$0$1,287,534
28$2,056,430$719,067$0$1,337,363
29$2,138,687$749,502$0$1,389,185
30$2,224,235$781,155$0$1,443,080
Total$40,000,000$13,545,631$0$26,454,367

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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.