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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 $154,000,000 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, Aug 31, 2016
Jackpot:$154,000,000
Federal Tax:  25%
State Tax:8.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,317,921$579,480$185,434$1,553,007
2$2,433,817$608,454$194,705$1,630,657
3$2,555,508$638,877$204,441$1,712,190
4$2,683,283$670,821$214,663$1,797,800
5$2,817,447$704,362$225,396$1,887,690
6$2,958,320$739,580$236,666$1,982,074
7$3,106,236$776,559$248,499$2,081,178
8$3,261,548$815,387$260,924$2,185,237
9$3,424,625$856,156$273,970$2,294,499
10$3,595,856$898,964$287,669$2,409,224
11$3,775,649$943,912$302,052$2,529,685
12$3,964,432$991,108$317,155$2,656,169
13$4,162,653$1,040,663$333,012$2,788,978
14$4,370,786$1,092,696$349,663$2,928,426
15$4,589,325$1,147,331$367,146$3,074,848
16$4,818,791$1,204,698$385,503$3,228,590
17$5,059,731$1,264,933$404,778$3,390,020
18$5,312,717$1,328,179$425,017$3,559,521
19$5,578,353$1,394,588$446,268$3,737,497
20$5,857,271$1,464,318$468,582$3,924,372
21$6,150,134$1,537,534$492,011$4,120,590
22$6,457,641$1,614,410$516,611$4,326,620
23$6,780,523$1,695,131$542,442$4,542,951
24$7,119,549$1,779,887$569,564$4,770,098
25$7,475,527$1,868,882$598,042$5,008,603
26$7,849,303$1,962,326$627,944$5,259,033
27$8,241,768$2,060,442$659,341$5,521,985
28$8,653,857$2,163,464$692,309$5,798,084
29$9,086,550$2,271,637$726,924$6,087,988
30$9,540,877$2,385,219$763,270$6,392,388
Total$154,000,000$38,500,000$12,320,000$103,180,000
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