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Powerball Annuity Jackpot Analysis for North Dakota (Oct. 31, 2018 Drawing)

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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 $40,000,000 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:  Oct. 31, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:2.90%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$17,460$440,104
2$632,160$151,718$18,333$462,109
3$663,768$159,304$19,249$485,215
4$696,957$167,270$20,212$509,475
5$731,805$175,633$21,222$534,949
6$768,395$184,415$22,283$561,697
7$806,815$193,635$23,398$589,781
8$847,155$203,317$24,568$619,270
9$889,513$213,483$25,796$650,234
10$933,989$224,157$27,086$682,746
11$980,688$235,365$28,440$716,883
12$1,029,722$247,133$29,862$752,727
13$1,081,209$259,490$31,355$790,363
14$1,135,269$272,465$32,923$829,882
15$1,192,032$286,088$34,569$871,376
16$1,251,634$300,392$36,297$914,945
17$1,314,216$315,412$38,112$960,692
18$1,379,927$331,182$40,018$1,008,726
19$1,448,923$347,742$42,019$1,059,163
20$1,521,369$365,129$44,120$1,112,121
21$1,597,438$383,385$46,326$1,167,727
22$1,677,309$402,554$48,642$1,226,113
23$1,761,175$422,682$51,074$1,287,419
24$1,849,234$443,816$53,628$1,351,790
25$1,941,695$466,007$56,309$1,419,379
26$2,038,780$489,307$59,125$1,490,348
27$2,140,719$513,773$62,081$1,564,866
28$2,247,755$539,461$65,185$1,643,109
29$2,360,143$566,434$68,444$1,725,264
30$2,478,150$594,756$71,866$1,811,528
Total$40,000,000$9,600,000$1,160,000$29,240,000
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