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Powerball Annuity Jackpot Analysis for New Jersey

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $110,000,000 would be for a resident of New Jersey, 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

New Jersey

Drawing Date:  Wed, Apr 16, 2014
Jackpot:$110,000,000
Federal Tax:  25%
State Tax:3.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,961,311$490,328$58,839$1,412,144
2$2,039,763$509,941$61,193$1,468,630
3$2,121,354$530,338$63,641$1,527,375
4$2,206,208$551,552$66,186$1,588,470
5$2,294,456$573,614$68,834$1,652,009
6$2,386,235$596,559$71,587$1,718,089
7$2,481,684$620,421$74,451$1,786,812
8$2,580,951$645,238$77,429$1,858,285
9$2,684,189$671,047$80,526$1,932,616
10$2,791,557$697,889$83,747$2,009,921
11$2,903,219$725,805$87,097$2,090,318
12$3,019,348$754,837$90,580$2,173,931
13$3,140,122$785,030$94,204$2,260,888
14$3,265,727$816,432$97,972$2,351,323
15$3,396,356$849,089$101,891$2,445,376
16$3,532,210$883,053$105,966$2,543,191
17$3,673,499$918,375$110,205$2,644,919
18$3,820,438$955,110$114,613$2,750,716
19$3,973,256$993,314$119,198$2,860,744
20$4,132,186$1,033,047$123,966$2,975,174
21$4,297,474$1,074,368$128,924$3,094,181
22$4,469,373$1,117,343$134,081$3,217,948
23$4,648,148$1,162,037$139,444$3,346,666
24$4,834,073$1,208,518$145,022$3,480,533
25$5,027,436$1,256,859$150,823$3,619,754
26$5,228,534$1,307,133$156,856$3,764,544
27$5,437,675$1,359,419$163,130$3,915,126
28$5,655,182$1,413,796$169,655$4,071,731
29$5,881,390$1,470,347$176,442$4,234,600
30$6,116,645$1,529,161$183,499$4,403,984
Total$110,000,000$27,500,000$3,300,000$79,200,000
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