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Powerball Annuity Jackpot Analysis for North Dakota (Aug. 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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:2.90%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$20,515$517,122
2$742,788$178,269$21,541$542,978
3$779,928$187,183$22,618$570,127
4$818,924$196,542$23,749$598,634
5$859,870$206,369$24,936$628,565
6$902,864$216,687$26,183$659,993
7$948,007$227,522$27,492$692,993
8$995,407$238,898$28,867$727,643
9$1,045,178$250,843$30,310$764,025
10$1,097,437$263,385$31,826$802,226
11$1,152,308$276,554$33,417$842,338
12$1,209,924$290,382$35,088$884,454
13$1,270,420$304,901$36,842$928,677
14$1,333,941$320,146$38,684$975,111
15$1,400,638$336,153$40,619$1,023,866
16$1,470,670$352,961$42,649$1,075,060
17$1,544,204$370,609$44,782$1,128,813
18$1,621,414$389,139$47,021$1,185,253
19$1,702,484$408,596$49,372$1,244,516
20$1,787,609$429,026$51,841$1,306,742
21$1,876,989$450,477$54,433$1,372,079
22$1,970,839$473,001$57,154$1,440,683
23$2,069,380$496,651$60,012$1,512,717
24$2,172,849$521,484$63,013$1,588,353
25$2,281,492$547,558$66,163$1,667,771
26$2,395,567$574,936$69,471$1,751,159
27$2,515,345$603,683$72,945$1,838,717
28$2,641,112$633,867$76,592$1,930,653
29$2,773,168$665,560$80,422$2,027,186
30$2,911,826$698,838$84,443$2,128,545
Total$47,000,000$11,280,000$1,363,000$34,357,000
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