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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 $127,000,000 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 24, 2016
Jackpot:$127,000,000
Federal Tax:  25%
State Tax:8.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$477,883$152,923$1,280,727
2$2,007,109$501,777$160,569$1,344,763
3$2,107,464$526,866$168,597$1,412,001
4$2,212,838$553,209$177,027$1,482,601
5$2,323,479$580,870$185,878$1,556,731
6$2,439,653$609,913$195,172$1,634,568
7$2,561,636$640,409$204,931$1,716,296
8$2,689,718$672,429$215,177$1,802,111
9$2,824,204$706,051$225,936$1,892,217
10$2,965,414$741,353$237,233$1,986,827
11$3,113,685$778,421$249,095$2,086,169
12$3,269,369$817,342$261,550$2,190,477
13$3,432,837$858,209$274,627$2,300,001
14$3,604,479$901,120$288,358$2,415,001
15$3,784,703$946,176$302,776$2,535,751
16$3,973,938$993,485$317,915$2,662,539
17$4,172,635$1,043,159$333,811$2,795,666
18$4,381,267$1,095,317$350,501$2,935,449
19$4,600,330$1,150,083$368,026$3,082,221
20$4,830,347$1,207,587$386,428$3,236,332
21$5,071,864$1,267,966$405,749$3,398,149
22$5,325,457$1,331,364$426,037$3,568,056
23$5,591,730$1,397,933$447,338$3,746,459
24$5,871,317$1,467,829$469,705$3,933,782
25$6,164,883$1,541,221$493,191$4,130,471
26$6,473,127$1,618,282$517,850$4,336,995
27$6,796,783$1,699,196$543,743$4,553,845
28$7,136,622$1,784,156$570,930$4,781,537
29$7,493,453$1,873,363$599,476$5,020,614
30$7,868,126$1,967,031$629,450$5,271,644
Total$127,000,000$31,750,000$10,160,000$85,090,000
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