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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, May 27, 2015
Jackpot:$154,000,000
Federal Tax:  25%
State Tax:3.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,745,835$686,459$82,375$1,977,001
2$2,855,669$713,917$85,670$2,056,081
3$2,969,895$742,474$89,097$2,138,325
4$3,088,691$772,173$92,661$2,223,858
5$3,212,239$803,060$96,367$2,312,812
6$3,340,728$835,182$100,222$2,405,324
7$3,474,358$868,589$104,231$2,501,537
8$3,613,332$903,333$108,400$2,601,599
9$3,757,865$939,466$112,736$2,705,663
10$3,908,180$977,045$117,245$2,813,889
11$4,064,507$1,016,127$121,935$2,926,445
12$4,227,087$1,056,772$126,813$3,043,503
13$4,396,171$1,099,043$131,885$3,165,243
14$4,572,018$1,143,004$137,161$3,291,853
15$4,754,898$1,188,725$142,647$3,423,527
16$4,945,094$1,236,274$148,353$3,560,468
17$5,142,898$1,285,724$154,287$3,702,887
18$5,348,614$1,337,153$160,458$3,851,002
19$5,562,558$1,390,640$166,877$4,005,042
20$5,785,061$1,446,265$173,552$4,165,244
21$6,016,463$1,504,116$180,494$4,331,854
22$6,257,122$1,564,280$187,714$4,505,128
23$6,507,407$1,626,852$195,222$4,685,333
24$6,767,703$1,691,926$203,031$4,872,746
25$7,038,411$1,759,603$211,152$5,067,656
26$7,319,947$1,829,987$219,598$5,270,362
27$7,612,745$1,903,186$228,382$5,481,177
28$7,917,255$1,979,314$237,518$5,700,424
29$8,233,945$2,058,486$247,018$5,928,441
30$8,563,303$2,140,826$256,899$6,165,578
Total$154,000,000$38,500,000$4,620,000$110,880,000
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