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New York Powerball Jackpot Annuity Payout Schedule for Jan 30, 2021

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The tax information provided here is based on 2021 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 $30,000,000 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 prize money, as well as deductions claimed.

New York

Federal Filing Status:

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $451,543 $132,584 $43,438 $275,520
2 $474,120 $140,486 $45,610 $288,024
3 $497,826 $148,783 $47,891 $301,152
4 $522,718 $157,495 $50,285 $314,937
5 $548,853 $167,148 $52,800 $328,906
6 $576,296 $177,302 $55,440 $343,555
7 $605,111 $187,963 $58,212 $358,936
8 $635,366 $199,158 $61,122 $375,086
9 $667,135 $210,912 $64,178 $392,044
10 $700,491 $223,254 $67,387 $409,850
11 $735,516 $236,213 $70,757 $428,546
12 $772,292 $249,820 $74,294 $448,177
13 $810,906 $264,108 $78,009 $468,790
14 $851,452 $279,109 $81,910 $490,433
15 $894,024 $294,861 $86,005 $513,158
16 $938,726 $311,401 $90,305 $537,019
17 $985,662 $328,767 $94,821 $562,074
18 $1,034,945 $347,002 $99,562 $588,381
19 $1,086,692 $366,148 $104,540 $616,004
20 $1,141,027 $386,252 $109,767 $645,008
21 $1,198,078 $407,361 $115,255 $675,462
22 $1,257,982 $429,526 $121,018 $707,439
23 $1,320,881 $452,798 $127,069 $741,014
24 $1,386,925 $477,235 $133,422 $776,268
25 $1,456,271 $502,893 $140,093 $813,285
26 $1,529,085 $529,834 $147,098 $852,153
27 $1,605,539 $558,122 $154,453 $892,965
28 $1,685,816 $587,824 $162,176 $935,816
29 $1,770,107 $619,012 $170,284 $980,811
30 $1,858,612 $651,759 $178,799 $1,028,055
Total $30,000,000 $10,025,130 $2,886,000 $17,088,868

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.

Powerball annuity chart shows the annual net payout a New York jackpot winner would get after federal and state taxes.

New York(NY) Powerball Prize Analysis for Sat Jan 30, 2021

As legally required by the state of New York, taxes are withheld on lottery winnings of 600USD or more. For prizes greater than 5,000USD, US citizens and resident aliens having a social security number have their prizes reduced with 25%, which represents the federal taxes. The New York state tax rate for lottery winning sits at 8.82%, with New York City withholding 3.876% and Yonkers withholding 1.323%. For more information on taxes for lottery winnings in the state of New York, click here.

  • For the Cash Option in the amount of $22.5 million , the federal tax that must be withheld is $5,625,000.00, while the state tax is $1,984,500.00. After all the taxes are paid, the winner gets a net lump-sum payment of $14,890,500.00.
  • For the Annuity option in the amount of $30 million , the winner gets paid in 30 annual payments in the average amount of $1,000,000.00 per year. The average federal tax liability is $250,000.00 per year. The average state tax liability is $88,200.00 yearly. The average net lump-sum payment after tax withholding is going to be $661,800.00 per year. Please Note: Powerball annuity payments are NOT allocated evenly by years. The payments increase annually in a 30 year period. Please see below for the detailed payment schedule.
  • Residents of New York City and Yonkers are subject to extra local tax liabilities.
For detailed information on Powerball Lottery Winning Taxes and Prizes Analysis, see the data listed below. The New York(NY) Powerball prize analysis tells you how much you would get after state, local and federal tax withholdings. ]]>