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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 $20,000,000 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, Jun 6, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:2.90%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$8,730$220,052
2$316,080$75,859$9,166$231,055
3$331,884$79,652$9,625$242,607
4$348,478$83,635$10,106$254,738
5$365,902$87,817$10,611$267,475
6$384,197$92,207$11,142$280,848
7$403,407$96,818$11,699$294,891
8$423,578$101,659$12,284$309,635
9$444,757$106,742$12,898$325,117
10$466,994$112,079$13,543$341,373
11$490,344$117,683$14,220$358,441
12$514,861$123,567$14,931$376,364
13$540,604$129,745$15,678$395,182
14$567,635$136,232$16,461$414,941
15$596,016$143,044$17,284$435,688
16$625,817$150,196$18,149$457,472
17$657,108$157,706$19,056$480,346
18$689,963$165,591$20,009$504,363
19$724,461$173,871$21,009$529,581
20$760,685$182,564$22,060$556,060
21$798,719$191,693$23,163$583,863
22$838,655$201,277$24,321$613,057
23$880,587$211,341$25,537$643,709
24$924,617$221,908$26,814$675,895
25$970,848$233,003$28,155$709,690
26$1,019,390$244,654$29,562$745,174
27$1,070,360$256,886$31,040$782,433
28$1,123,878$269,731$32,592$821,554
29$1,180,071$283,217$34,222$862,632
30$1,239,075$297,378$35,933$905,764
Total$20,000,000$4,800,000$580,000$14,620,000
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