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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 $189,000,000 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, Feb 17, 2016
Jackpot:$189,000,000
Federal Tax:  25%
State Tax:3.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,844,721$711,180$85,342$2,048,199
2$2,986,957$746,739$89,609$2,150,609
3$3,136,305$784,076$94,089$2,258,140
4$3,293,121$823,280$98,794$2,371,047
5$3,457,776$864,444$103,733$2,489,599
6$3,630,665$907,666$108,920$2,614,079
7$3,812,199$953,050$114,366$2,744,783
8$4,002,809$1,000,702$120,084$2,882,022
9$4,202,949$1,050,737$126,088$3,026,123
10$4,413,096$1,103,274$132,393$3,177,429
11$4,633,751$1,158,438$139,013$3,336,301
12$4,865,439$1,216,360$145,963$3,503,116
13$5,108,711$1,277,178$153,261$3,678,272
14$5,364,146$1,341,037$160,924$3,862,185
15$5,632,353$1,408,088$168,971$4,055,294
16$5,913,971$1,478,493$177,419$4,258,059
17$6,209,670$1,552,417$186,290$4,470,962
18$6,520,153$1,630,038$195,605$4,694,510
19$6,846,161$1,711,540$205,385$4,929,236
20$7,188,469$1,797,117$215,654$5,175,698
21$7,547,892$1,886,973$226,437$5,434,482
22$7,925,287$1,981,322$237,759$5,706,207
23$8,321,551$2,080,388$249,647$5,991,517
24$8,737,629$2,184,407$262,129$6,291,093
25$9,174,510$2,293,628$275,235$6,605,647
26$9,633,236$2,408,309$288,997$6,935,930
27$10,114,898$2,528,724$303,447$7,282,726
28$10,620,642$2,655,161$318,619$7,646,863
29$11,151,675$2,787,919$334,550$8,029,206
30$11,709,258$2,927,315$351,278$8,430,666
Total$189,000,000$47,250,000$5,670,000$136,080,000
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