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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 $80,000,000 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, Feb 28, 2015
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:3.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,426,408$356,602$42,792$1,027,014
2$1,483,464$370,866$44,504$1,068,094
3$1,542,803$385,701$46,284$1,110,818
4$1,604,515$401,129$48,135$1,155,251
5$1,668,696$417,174$50,061$1,201,461
6$1,735,443$433,861$52,063$1,249,519
7$1,804,861$451,215$54,146$1,299,500
8$1,877,056$469,264$56,312$1,351,480
9$1,952,138$488,034$58,564$1,405,539
10$2,030,223$507,556$60,907$1,461,761
11$2,111,432$527,858$63,343$1,520,231
12$2,195,889$548,972$65,877$1,581,040
13$2,283,725$570,931$68,512$1,644,282
14$2,375,074$593,769$71,252$1,710,053
15$2,470,077$617,519$74,102$1,778,455
16$2,568,880$642,220$77,066$1,849,594
17$2,671,635$667,909$80,149$1,923,577
18$2,778,501$694,625$83,355$2,000,521
19$2,889,641$722,410$86,689$2,080,541
20$3,005,226$751,307$90,157$2,163,763
21$3,125,435$781,359$93,763$2,250,314
22$3,250,453$812,613$97,514$2,340,326
23$3,380,471$845,118$101,414$2,433,939
24$3,515,690$878,922$105,471$2,531,297
25$3,656,317$914,079$109,690$2,632,549
26$3,802,570$950,643$114,077$2,737,850
27$3,954,673$988,668$118,640$2,847,364
28$4,112,860$1,028,215$123,386$2,961,259
29$4,277,374$1,069,344$128,321$3,079,709
30$4,448,469$1,112,117$133,454$3,202,898
Total$80,000,000$20,000,000$2,400,000$57,600,000
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