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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 $40,000,000 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, Apr 22, 2015
Jackpot:$40,000,000
Federal Tax:  25%
State Tax:3.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$178,301$21,396$513,507
2$741,732$185,433$22,252$534,047
3$771,401$192,850$23,142$555,409
4$802,257$200,564$24,068$577,625
5$834,348$208,587$25,030$600,730
6$867,722$216,930$26,032$624,760
7$902,431$225,608$27,073$649,750
8$938,528$234,632$28,156$675,740
9$976,069$244,017$29,282$702,770
10$1,015,112$253,778$30,453$730,880
11$1,055,716$263,929$31,671$760,116
12$1,097,945$274,486$32,938$790,520
13$1,141,863$285,466$34,256$822,141
14$1,187,537$296,884$35,626$855,027
15$1,235,039$308,760$37,051$889,228
16$1,284,440$321,110$38,533$924,797
17$1,335,818$333,954$40,075$961,789
18$1,389,250$347,313$41,678$1,000,260
19$1,444,820$361,205$43,345$1,040,271
20$1,502,613$375,653$45,078$1,081,881
21$1,562,718$390,679$46,882$1,125,157
22$1,625,226$406,307$48,757$1,170,163
23$1,690,235$422,559$50,707$1,216,970
24$1,757,845$439,461$52,735$1,265,648
25$1,828,159$457,040$54,845$1,316,274
26$1,901,285$475,321$57,039$1,368,925
27$1,977,336$494,334$59,320$1,423,682
28$2,056,430$514,107$61,693$1,480,630
29$2,138,687$534,672$64,161$1,539,855
30$2,224,235$556,059$66,727$1,601,449
Total$40,000,000$10,000,000$1,200,000$28,800,000
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