USA Mega

Texas Powerball Jackpot Annuity Payout Schedule for Nov 14, 2022

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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 $62,900,000 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:Mon, Nov 14, 2022
Jackpot:$62,900,000
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$946,735$308,480$0$638,255
2$994,072$325,994$0$668,078
3$1,043,776$344,385$0$699,391
4$1,095,964$363,695$0$732,270
5$1,150,763$383,970$0$766,793
6$1,208,301$405,259$0$803,042
7$1,268,716$427,613$0$841,103
8$1,332,152$451,084$0$881,068
9$1,398,759$475,729$0$923,031
10$1,468,697$501,606$0$967,091
11$1,542,132$528,777$0$1,013,355
12$1,619,239$557,306$0$1,061,933
13$1,700,201$587,262$0$1,112,939
14$1,785,211$618,716$0$1,166,495
15$1,874,471$651,742$0$1,222,729
16$1,968,195$686,420$0$1,281,775
17$2,066,604$722,831$0$1,343,773
18$2,169,935$761,064$0$1,408,871
19$2,278,431$801,207$0$1,477,224
20$2,392,353$843,358$0$1,548,995
21$2,511,971$887,617$0$1,624,354
22$2,637,569$934,088$0$1,703,481
23$2,769,447$982,883$0$1,786,564
24$2,907,920$1,034,118$0$1,873,802
25$3,053,316$1,087,915$0$1,965,401
26$3,205,982$1,144,401$0$2,061,581
27$3,366,281$1,203,712$0$2,162,569
28$3,534,595$1,265,988$0$2,268,607
29$3,711,324$1,331,378$0$2,379,947
30$3,896,891$1,400,037$0$2,496,853
Total$62,900,000$22,018,635$0$40,881,370

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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.