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Powerball Annuity Jackpot Analysis for North Dakota (Jul. 29, 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 $126,000,000 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. 29, 2020
Jackpot:$126,000,000
Federal Tax:  24%
State Tax:2.90%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,896,481$455,155$54,998$1,386,327
2$1,991,305$477,913$57,748$1,455,644
3$2,090,870$501,809$60,635$1,528,426
4$2,195,414$526,899$63,667$1,604,847
5$2,305,184$553,244$66,850$1,685,090
6$2,420,443$580,906$70,193$1,769,344
7$2,541,466$609,952$73,703$1,857,811
8$2,668,539$640,449$77,388$1,950,702
9$2,801,966$672,472$81,257$2,048,237
10$2,942,064$706,095$85,320$2,150,649
11$3,089,167$741,400$89,586$2,258,181
12$3,243,626$778,470$94,065$2,371,090
13$3,405,807$817,394$98,768$2,489,645
14$3,576,097$858,263$103,707$2,614,127
15$3,754,902$901,177$108,892$2,744,834
16$3,942,647$946,235$114,337$2,882,075
17$4,139,780$993,547$120,054$3,026,179
18$4,346,769$1,043,225$126,056$3,177,488
19$4,564,107$1,095,386$132,359$3,336,362
20$4,792,313$1,150,155$138,977$3,503,181
21$5,031,928$1,207,663$145,926$3,678,340
22$5,283,525$1,268,046$153,222$3,862,256
23$5,547,701$1,331,448$160,883$4,055,369
24$5,825,086$1,398,021$168,927$4,258,138
25$6,116,340$1,467,922$177,374$4,471,045
26$6,422,157$1,541,318$186,243$4,694,597
27$6,743,265$1,618,384$195,555$4,929,327
28$7,080,428$1,699,303$205,332$5,175,793
29$7,434,450$1,784,268$215,599$5,434,583
30$7,806,172$1,873,481$226,379$5,706,312
Total$126,000,000$30,240,000$3,654,000$92,106,000
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