PowerBall’s $123M Jackpot – A Look at Cash Value and Annual Payouts

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Important: All annuity amounts shown are the average amounts a jackpot winner would receive.  Powerball annuity payments are made on an annually-increasing rate schedule.  All figures are estimates and are provided for entertainment purposes only.

Annuity
Cash
Powerball Jackpot for Wed, Jun 8, 2016
$123,000,000
$81,800,000
Gross Prize
30 average annual payments of $4,100,000
Lump-sum cash: $81,800,000
– 25% Federal Tax
– $1,025,000
– $20,450,000
Subtotal

$3,075,000

$61,350,000

 

Drawing Date:   Wed, Jun 8, 2016
Jackpot: $123,000,000
Federal Tax: 25% (But it’s going to be a lot more when you file your taxes)
State Tax: No state tax on lottery prizes
Report: Powerball annuity payout schedule (30 annual payments)

 

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $1,851,327 $462,832 $0 $1,388,495
2 $1,943,893 $485,973 $0 $1,457,920
3 $2,041,087 $510,272 $0 $1,530,816
4 $2,143,142 $535,785 $0 $1,607,356
5 $2,250,299 $562,575 $0 $1,687,724
6 $2,362,814 $590,703 $0 $1,772,110
7 $2,480,955 $620,239 $0 $1,860,716
8 $2,605,002 $651,251 $0 $1,953,752
9 $2,735,252 $683,813 $0 $2,051,439
10 $2,872,015 $718,004 $0 $2,154,011
11 $3,015,616 $753,904 $0 $2,261,712
12 $3,166,397 $791,599 $0 $2,374,797
13 $3,324,716 $831,179 $0 $2,493,537
14 $3,490,952 $872,738 $0 $2,618,214
15 $3,665,500 $916,375 $0 $2,749,125
16 $3,848,775 $962,194 $0 $2,886,581
17 $4,041,214 $1,010,303 $0 $3,030,910
18 $4,243,274 $1,060,819 $0 $3,182,456
19 $4,455,438 $1,113,859 $0 $3,341,578
20 $4,678,210 $1,169,552 $0 $3,508,657
21 $4,912,120 $1,228,030 $0 $3,684,090
22 $5,157,726 $1,289,432 $0 $3,868,295
23 $5,415,613 $1,353,903 $0 $4,061,710
24 $5,686,393 $1,421,598 $0 $4,264,795
25 $5,970,713 $1,492,678 $0 $4,478,035
26 $6,269,249 $1,567,312 $0 $4,701,937
27 $6,582,711 $1,645,678 $0 $4,937,033
28 $6,911,847 $1,727,962 $0 $5,183,885
29 $7,257,439 $1,814,360 $0 $5,443,079
30 $7,620,311 $1,905,078 $0 $5,715,233
Total $123,000,000 $30,750,000 $0 $92,250,000

 

Credit:  USAMega.com

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