USA Mega

New York Powerball Jackpot Annuity Payout Schedule for Aug 31, 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 $62,400,000 for a ticket purchased in New York, 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:

New York

Drawing Date:Sat, Aug 31, 2002
Jackpot:$62,400,000
Federal Tax:37% marginal rate
State Tax: 10.9%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,112,598$369,849$121,273$621,476
2$1,157,102$386,316$126,124$644,662
3$1,203,386$403,441$131,169$668,776
4$1,251,522$421,251$136,416$693,855
5$1,301,583$439,773$141,872$719,937
6$1,353,646$459,037$147,547$747,062
7$1,407,792$479,071$153,449$775,272
8$1,464,103$499,906$159,587$804,610
9$1,522,667$521,575$165,971$835,122
10$1,583,574$544,110$172,610$866,854
11$1,646,917$567,547$179,514$899,856
12$1,712,794$591,921$186,695$934,178
13$1,781,306$617,271$194,162$969,872
14$1,852,558$643,634$201,929$1,006,995
15$1,926,660$671,052$210,006$1,045,602
16$2,003,726$699,567$218,406$1,085,754
17$2,083,876$729,222$227,142$1,127,511
18$2,167,231$760,063$236,228$1,170,939
19$2,253,920$792,138$245,677$1,216,104
20$2,344,077$825,496$255,504$1,263,076
21$2,437,840$860,188$265,725$1,311,927
22$2,535,353$896,268$276,354$1,362,731
23$2,636,767$933,792$287,408$1,415,568
24$2,742,238$972,816$298,904$1,470,518
25$2,851,928$1,013,401$310,860$1,527,667
26$2,966,005$1,055,609$323,295$1,587,101
27$3,084,645$1,099,506$336,226$1,648,912
28$3,208,031$1,145,159$349,675$1,713,196
29$3,336,352$1,192,638$363,662$1,780,052
30$3,469,806$1,242,016$378,209$1,849,581
Total$62,400,000$21,833,633$6,801,599$33,764,766

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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.