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Powerball Annuity Jackpot Analysis for New Jersey

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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 $120,000,000 would be for a resident of New Jersey, 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:

New Jersey

Drawing Date:  Wed, Sep 2, 2015
Jackpot:$120,000,000
Federal Tax:  25%
State Tax:3.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,139,612$534,903$64,188$1,540,521
2$2,225,196$556,299$66,756$1,602,141
3$2,314,204$578,551$69,426$1,666,227
4$2,406,772$601,693$72,203$1,732,876
5$2,503,043$625,761$75,091$1,802,191
6$2,603,165$650,791$78,095$1,874,279
7$2,707,292$676,823$81,219$1,949,250
8$2,815,583$703,896$84,467$2,027,220
9$2,928,207$732,052$87,846$2,108,309
10$3,045,335$761,334$91,360$2,192,641
11$3,167,148$791,787$95,014$2,280,347
12$3,293,834$823,459$98,815$2,371,561
13$3,425,588$856,397$102,768$2,466,423
14$3,562,611$890,653$106,878$2,565,080
15$3,705,116$926,279$111,153$2,667,683
16$3,853,320$963,330$115,600$2,774,391
17$4,007,453$1,001,863$120,224$2,885,366
18$4,167,751$1,041,938$125,033$3,000,781
19$4,334,461$1,083,615$130,034$3,120,812
20$4,507,840$1,126,960$135,235$3,245,644
21$4,688,153$1,172,038$140,645$3,375,470
22$4,875,679$1,218,920$146,270$3,510,489
23$5,070,706$1,267,677$152,121$3,650,909
24$5,273,535$1,318,384$158,206$3,796,945
25$5,484,476$1,371,119$164,534$3,948,823
26$5,703,855$1,425,964$171,116$4,106,776
27$5,932,009$1,483,002$177,960$4,271,047
28$6,169,290$1,542,322$185,079$4,441,889
29$6,416,061$1,604,015$192,482$4,619,564
30$6,672,704$1,668,176$200,181$4,804,347
Total$120,000,000$30,000,000$3,600,000$86,400,000
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