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Powerball Annuity Jackpot Analysis for New Jersey (Oct. 24, 2018 Drawing)

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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 $602,500,000 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:  Oct. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:8.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$725,479$6,166,573
2$9,521,914$2,285,259$761,753$6,474,902
3$9,998,010$2,399,522$799,841$6,798,647
4$10,497,911$2,519,499$839,833$7,138,579
5$11,022,806$2,645,473$881,824$7,495,508
6$11,573,946$2,777,747$925,916$7,870,283
7$12,152,644$2,916,634$972,211$8,263,798
8$12,760,276$3,062,466$1,020,822$8,676,988
9$13,398,290$3,215,589$1,071,863$9,110,837
10$14,068,204$3,376,369$1,125,456$9,566,379
11$14,771,614$3,545,187$1,181,729$10,044,698
12$15,510,195$3,722,447$1,240,816$10,546,933
13$16,285,705$3,908,569$1,302,856$11,074,279
14$17,099,990$4,103,998$1,367,999$11,627,993
15$17,954,989$4,309,197$1,436,399$12,209,393
16$18,852,739$4,524,657$1,508,219$12,819,862
17$19,795,375$4,750,890$1,583,630$13,460,855
18$20,785,144$4,988,435$1,662,812$14,133,898
19$21,824,401$5,237,856$1,745,952$14,840,593
20$22,915,622$5,499,749$1,833,250$15,582,623
21$24,061,403$5,774,737$1,924,912$16,361,754
22$25,264,473$6,063,473$2,021,158$17,179,842
23$26,527,697$6,366,647$2,122,216$18,038,834
24$27,854,081$6,684,979$2,228,326$18,940,775
25$29,246,785$7,019,228$2,339,743$19,887,814
26$30,709,125$7,370,190$2,456,730$20,882,205
27$32,244,581$7,738,699$2,579,566$21,926,315
28$33,856,810$8,125,634$2,708,545$23,022,631
29$35,549,650$8,531,916$2,843,972$24,173,762
30$37,327,133$8,958,512$2,986,171$25,382,451
Total$602,500,001$144,600,000$48,200,000$409,700,001
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