USA Mega

Maine Powerball Jackpot Annuity Payout Schedule for Aug 14, 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 $32,000,000 for a ticket purchased in Maine, 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:

Maine

Drawing Date:Wed, Aug 14, 2002
Jackpot:$32,000,000
Federal Tax:37% marginal rate
State Tax: 7.15%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$570,563$170,072$40,795$359,696
2$593,386$178,060$42,427$372,899
3$617,121$186,523$44,124$386,474
4$641,806$195,656$45,889$400,261
5$667,478$205,155$47,725$414,599
6$694,177$215,033$49,634$429,510
7$721,944$225,307$51,619$445,018
8$750,822$235,992$53,684$461,146
9$780,855$247,104$55,831$477,920
10$812,089$258,661$58,064$495,364
11$844,573$270,680$60,387$513,506
12$878,356$283,179$62,802$532,374
13$913,490$296,179$65,315$551,996
14$950,030$309,699$67,927$572,404
15$988,031$323,759$70,644$593,627
16$1,027,552$338,382$73,470$615,700
17$1,068,654$353,590$76,409$638,656
18$1,111,400$369,406$79,465$662,529
19$1,155,856$385,855$82,644$687,358
20$1,202,091$402,961$85,949$713,180
21$1,250,174$420,752$89,387$740,035
22$1,300,181$439,255$92,963$767,963
23$1,352,188$458,497$96,681$797,009
24$1,406,276$478,510$100,549$827,217
25$1,462,527$499,323$104,571$858,634
26$1,521,028$520,968$108,754$891,306
27$1,581,869$543,479$113,104$925,286
28$1,645,144$566,891$117,628$960,625
29$1,710,950$591,239$122,333$997,378
30$1,779,388$616,561$127,226$1,035,600
Total$32,000,000$10,586,728$2,288,000$19,125,270

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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.