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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:  Wed, May 25, 2016
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$1,204,115$301,029$36,123$866,963
2$1,264,321$316,080$37,930$910,311
3$1,327,537$331,884$39,826$955,826
4$1,393,913$348,478$41,817$1,003,618
5$1,463,609$365,902$43,908$1,053,799
6$1,536,790$384,197$46,104$1,106,488
7$1,613,629$403,407$48,409$1,161,813
8$1,694,310$423,578$50,829$1,219,904
9$1,779,026$444,757$53,371$1,280,899
10$1,867,977$466,994$56,039$1,344,944
11$1,961,376$490,344$58,841$1,412,191
12$2,059,445$514,861$61,783$1,482,800
13$2,162,417$540,604$64,873$1,556,940
14$2,270,538$567,635$68,116$1,634,787
15$2,384,065$596,016$71,522$1,716,527
16$2,503,268$625,817$75,098$1,802,353
17$2,628,432$657,108$78,853$1,892,471
18$2,759,853$689,963$82,796$1,987,094
19$2,897,846$724,461$86,935$2,086,449
20$3,042,738$760,685$91,282$2,190,771
21$3,194,875$798,719$95,846$2,300,310
22$3,354,619$838,655$100,639$2,415,326
23$3,522,350$880,587$105,670$2,536,092
24$3,698,467$924,617$110,954$2,662,896
25$3,883,391$970,848$116,502$2,796,041
26$4,077,560$1,019,390$122,327$2,935,843
27$4,281,438$1,070,360$128,443$3,082,635
28$4,495,510$1,123,878$134,865$3,236,767
29$4,720,286$1,180,071$141,609$3,398,606
30$4,956,300$1,239,075$148,689$3,568,536
Total$80,000,000$20,000,000$2,400,000$57,600,000
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