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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 $478,000,000 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:  Sat, Jul 30, 2016
Jackpot:$478,000,000
Federal Tax:  25%
State Tax:8.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,194,586$1,798,646$575,567$4,820,373
2$7,554,315$1,888,579$604,345$5,061,391
3$7,932,031$1,983,008$634,562$5,314,461
4$8,328,633$2,082,158$666,291$5,580,184
5$8,745,064$2,186,266$699,605$5,859,193
6$9,182,317$2,295,579$734,585$6,152,153
7$9,641,434$2,410,358$771,315$6,459,760
8$10,123,505$2,530,876$809,880$6,782,748
9$10,629,680$2,657,420$850,374$7,121,886
10$11,161,164$2,790,291$892,893$7,477,980
11$11,719,223$2,929,806$937,538$7,851,879
12$12,305,184$3,076,296$984,415$8,244,473
13$12,920,443$3,230,111$1,033,635$8,656,697
14$13,566,465$3,391,616$1,085,317$9,089,532
15$14,244,788$3,561,197$1,139,583$9,544,008
16$14,957,028$3,739,257$1,196,562$10,021,209
17$15,704,879$3,926,220$1,256,390$10,522,269
18$16,490,123$4,122,531$1,319,210$11,048,382
19$17,314,629$4,328,657$1,385,170$11,600,801
20$18,180,361$4,545,090$1,454,429$12,180,842
21$19,089,378$4,772,345$1,527,150$12,789,884
22$20,043,847$5,010,962$1,603,508$13,429,378
23$21,046,040$5,261,510$1,683,683$14,100,847
24$22,098,342$5,524,585$1,767,867$14,805,889
25$23,203,259$5,800,815$1,856,261$15,546,183
26$24,363,422$6,090,855$1,949,074$16,323,493
27$25,581,593$6,395,398$2,046,527$17,139,667
28$26,860,672$6,715,168$2,148,854$17,996,650
29$28,203,706$7,050,926$2,256,296$18,896,483
30$29,613,892$7,403,473$2,369,111$19,841,307
Total$478,000,001$119,500,000$38,240,000$320,260,001
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