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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 $153,000,000 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, Jan 21, 2017
Jackpot:$153,000,000
Federal Tax:  25%
State Tax:8.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,302,870$575,717$184,230$1,542,923
2$2,418,013$604,503$193,441$1,620,069
3$2,538,914$634,728$203,113$1,701,072
4$2,665,859$666,465$213,269$1,786,126
5$2,799,152$699,788$223,932$1,875,432
6$2,939,110$734,777$235,129$1,969,204
7$3,086,066$771,516$246,885$2,067,664
8$3,240,369$810,092$259,230$2,171,047
9$3,402,387$850,597$272,191$2,279,599
10$3,572,507$893,127$285,801$2,393,579
11$3,751,132$937,783$300,091$2,513,258
12$3,938,688$984,672$315,095$2,638,921
13$4,135,623$1,033,906$330,850$2,770,867
14$4,342,404$1,085,601$347,392$2,909,411
15$4,559,524$1,139,881$364,762$3,054,881
16$4,787,501$1,196,875$383,000$3,207,625
17$5,026,875$1,256,719$402,150$3,368,007
18$5,278,219$1,319,555$422,258$3,536,407
19$5,542,130$1,385,533$443,370$3,713,227
20$5,819,237$1,454,809$465,539$3,898,889
21$6,110,199$1,527,550$488,816$4,093,833
22$6,415,708$1,603,927$513,257$4,298,525
23$6,736,494$1,684,123$538,920$4,513,451
24$7,073,319$1,768,330$565,865$4,739,123
25$7,426,984$1,856,746$594,159$4,976,080
26$7,798,334$1,949,583$623,867$5,224,884
27$8,188,250$2,047,063$655,060$5,486,128
28$8,597,663$2,149,416$687,813$5,760,434
29$9,027,546$2,256,887$722,204$6,048,456
30$9,478,923$2,369,731$758,314$6,350,879
Total$153,000,000$38,250,000$12,240,000$102,510,000
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