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Powerball Annuity Jackpot Analysis for North Dakota (Jul. 18, 2020 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 $97,000,000 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:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:2.90%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$42,340$1,067,252
2$1,532,989$367,917$44,457$1,120,615
3$1,609,638$386,313$46,680$1,176,645
4$1,690,120$405,629$49,013$1,235,478
5$1,774,626$425,910$51,464$1,297,252
6$1,863,357$447,206$54,037$1,362,114
7$1,956,525$469,566$56,739$1,430,220
8$2,054,351$493,044$59,576$1,501,731
9$2,157,069$517,697$62,555$1,576,817
10$2,264,922$543,581$65,683$1,655,658
11$2,378,169$570,760$68,967$1,738,441
12$2,497,077$599,298$72,415$1,825,363
13$2,621,931$629,263$76,036$1,916,631
14$2,753,027$660,727$79,838$2,012,463
15$2,890,679$693,763$83,830$2,113,086
16$3,035,213$728,451$88,021$2,218,741
17$3,186,973$764,874$92,422$2,329,677
18$3,346,322$803,117$97,043$2,446,161
19$3,513,638$843,273$101,896$2,568,469
20$3,689,320$885,437$106,990$2,696,893
21$3,873,786$929,709$112,340$2,831,738
22$4,067,475$976,194$117,957$2,973,324
23$4,270,849$1,025,004$123,855$3,121,991
24$4,484,391$1,076,254$130,047$3,278,090
25$4,708,611$1,130,067$136,550$3,441,995
26$4,944,042$1,186,570$143,377$3,614,094
27$5,191,244$1,245,899$150,546$3,794,799
28$5,450,806$1,308,193$158,073$3,984,539
29$5,723,346$1,373,603$165,977$4,183,766
30$6,009,514$1,442,283$174,276$4,392,954
Total$97,000,000$23,280,000$2,813,000$70,907,000
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