USA Mega

Texas Powerball Jackpot Annuity Payout Schedule for Dec 20, 2008

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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 $54,700,000 for a ticket purchased in Texas, 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:

Texas

Drawing Date:Sat, Dec 20, 2008
Jackpot:$54,700,000
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$975,306$319,051$0$656,255
2$1,014,319$333,486$0$680,833
3$1,054,891$348,498$0$706,394
4$1,097,087$364,110$0$732,977
5$1,140,971$380,347$0$760,624
6$1,186,609$397,233$0$789,376
7$1,234,074$414,795$0$819,279
8$1,283,437$433,059$0$850,377
9$1,334,774$452,054$0$882,720
10$1,388,165$471,809$0$916,356
11$1,443,692$492,354$0$951,338
12$1,501,439$513,720$0$987,719
13$1,561,497$535,942$0$1,025,555
14$1,623,957$559,052$0$1,064,905
15$1,688,915$583,086$0$1,105,829
16$1,756,472$608,082$0$1,148,389
17$1,826,731$634,078$0$1,192,653
18$1,899,800$661,114$0$1,238,686
19$1,975,792$689,231$0$1,286,561
20$2,054,824$718,472$0$1,336,351
21$2,137,016$748,884$0$1,388,133
22$2,222,497$780,512$0$1,441,985
23$2,311,397$813,405$0$1,497,992
24$2,403,853$847,613$0$1,556,240
25$2,500,007$883,190$0$1,616,817
26$2,600,007$920,190$0$1,679,817
27$2,704,008$958,671$0$1,745,337
28$2,812,168$998,690$0$1,813,478
29$2,924,655$1,040,310$0$1,884,345
30$3,041,641$1,083,595$0$1,958,046
Total$54,700,000$18,984,633$0$35,715,367

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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.