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Powerball Annuity Jackpot Analysis for North Dakota (Nov. 3, 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 $53,000,000 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:  Nov. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:2.90%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$23,134$583,138
2$837,612$201,027$24,291$612,295
3$879,493$211,078$25,505$642,909
4$923,468$221,632$26,781$675,055
5$969,641$232,714$28,120$708,808
6$1,018,123$244,350$29,526$744,248
7$1,069,029$256,567$31,002$781,460
8$1,122,481$269,395$32,552$820,533
9$1,178,605$282,865$34,180$861,560
10$1,237,535$297,008$35,889$904,638
11$1,299,412$311,859$37,683$949,870
12$1,364,382$327,452$39,567$997,363
13$1,432,601$343,824$41,545$1,047,232
14$1,504,231$361,016$43,623$1,099,593
15$1,579,443$379,066$45,804$1,154,573
16$1,658,415$398,020$48,094$1,212,302
17$1,741,336$417,921$50,499$1,272,917
18$1,828,403$438,817$53,024$1,336,562
19$1,919,823$460,757$55,675$1,403,391
20$2,015,814$483,795$58,459$1,473,560
21$2,116,605$507,985$61,382$1,547,238
22$2,222,435$533,384$64,451$1,624,600
23$2,333,557$560,054$67,673$1,705,830
24$2,450,235$588,056$71,057$1,791,121
25$2,572,746$617,459$74,610$1,880,678
26$2,701,384$648,332$78,340$1,974,711
27$2,836,453$680,749$82,257$2,073,447
28$2,978,275$714,786$86,370$2,177,119
29$3,127,189$750,525$90,688$2,285,975
30$3,283,549$788,052$95,223$2,400,274
Total$53,000,000$12,720,000$1,537,000$38,743,000
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