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Powerball Annuity Jackpot Analysis for North Dakota

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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 $102,000,000 would be for a resident of North Dakota, 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:

North Dakota

Drawing Date:  Sat, Oct 24, 2020
Jackpot:$102,000,000
Federal Tax:  24%
State Tax:2.90%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,535,246$368,459$44,522$1,122,265
2$1,612,009$386,882$46,748$1,178,378
3$1,692,609$406,226$49,086$1,237,297
4$1,777,240$426,538$51,540$1,299,162
5$1,866,102$447,864$54,117$1,364,120
6$1,959,407$470,258$56,823$1,432,326
7$2,057,377$493,770$59,664$1,503,943
8$2,160,246$518,459$62,647$1,579,140
9$2,268,258$544,382$65,779$1,658,097
10$2,381,671$571,601$69,068$1,741,002
11$2,500,755$600,181$72,522$1,828,052
12$2,625,792$630,190$76,148$1,919,454
13$2,757,082$661,700$79,955$2,015,427
14$2,894,936$694,785$83,953$2,116,198
15$3,039,683$729,524$88,151$2,222,008
16$3,191,667$766,000$92,558$2,333,109
17$3,351,250$804,300$97,186$2,449,764
18$3,518,813$844,515$102,046$2,572,252
19$3,694,753$886,741$107,148$2,700,865
20$3,879,491$931,078$112,505$2,835,908
21$4,073,466$977,632$118,131$2,977,703
22$4,277,139$1,026,513$124,037$3,126,589
23$4,490,996$1,077,839$130,239$3,282,918
24$4,715,546$1,131,731$136,751$3,447,064
25$4,951,323$1,188,318$143,588$3,619,417
26$5,198,889$1,247,733$150,768$3,800,388
27$5,458,834$1,310,120$158,306$3,990,407
28$5,731,775$1,375,626$166,221$4,189,928
29$6,018,364$1,444,407$174,533$4,399,424
30$6,319,282$1,516,628$183,259$4,619,395
Total$102,000,000$24,480,000$2,958,000$74,562,000
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