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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 $157,000,000 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, Feb 10, 2016
Jackpot:$157,000,000
Federal Tax:  25%
State Tax:3.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,363,075$590,769$70,892$1,701,414
2$2,481,229$620,307$74,437$1,786,485
3$2,605,290$651,323$78,159$1,875,809
4$2,735,555$683,889$82,067$1,969,600
5$2,872,333$718,083$86,170$2,068,080
6$3,015,949$753,987$90,478$2,171,484
7$3,166,747$791,687$95,002$2,280,058
8$3,325,084$831,271$99,753$2,394,061
9$3,491,339$872,835$104,740$2,513,764
10$3,665,905$916,476$109,977$2,639,452
11$3,849,201$962,300$115,476$2,771,425
12$4,041,661$1,010,415$121,250$2,909,996
13$4,243,744$1,060,936$127,312$3,055,496
14$4,455,931$1,113,983$133,678$3,208,270
15$4,678,727$1,169,682$140,362$3,368,684
16$4,912,664$1,228,166$147,380$3,537,118
17$5,158,297$1,289,574$154,749$3,713,974
18$5,416,212$1,354,053$162,486$3,899,673
19$5,687,022$1,421,756$170,611$4,094,656
20$5,971,374$1,492,843$179,141$4,299,389
21$6,269,942$1,567,486$188,098$4,514,358
22$6,583,439$1,645,860$197,503$4,740,076
23$6,912,611$1,728,153$207,378$4,977,080
24$7,258,242$1,814,560$217,747$5,225,934
25$7,621,154$1,905,288$228,635$5,487,231
26$8,002,212$2,000,553$240,066$5,761,593
27$8,402,322$2,100,581$252,070$6,049,672
28$8,822,438$2,205,610$264,673$6,352,156
29$9,263,560$2,315,890$277,907$6,669,763
30$9,726,738$2,431,685$291,802$7,003,252
Total$157,000,000$39,250,000$4,710,000$113,040,000
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