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Powerball Annuity Jackpot Analysis for New Jersey (Oct. 31, 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 $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:  Oct. 31, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:8.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$48,165$409,399
2$632,160$151,718$50,573$429,869
3$663,768$159,304$53,101$451,362
4$696,957$167,270$55,757$473,931
5$731,805$175,633$58,544$497,627
6$768,395$184,415$61,472$522,508
7$806,815$193,635$64,545$548,634
8$847,155$203,317$67,772$576,066
9$889,513$213,483$71,161$604,869
10$933,989$224,157$74,719$635,112
11$980,688$235,365$78,455$666,868
12$1,029,722$247,133$82,378$700,211
13$1,081,209$259,490$86,497$735,222
14$1,135,269$272,465$90,822$771,983
15$1,192,032$286,088$95,363$810,582
16$1,251,634$300,392$100,131$851,111
17$1,314,216$315,412$105,137$893,667
18$1,379,927$331,182$110,394$938,350
19$1,448,923$347,742$115,914$985,268
20$1,521,369$365,129$121,710$1,034,531
21$1,597,438$383,385$127,795$1,086,258
22$1,677,309$402,554$134,185$1,140,570
23$1,761,175$422,682$140,894$1,197,599
24$1,849,234$443,816$147,939$1,257,479
25$1,941,695$466,007$155,336$1,320,353
26$2,038,780$489,307$163,102$1,386,370
27$2,140,719$513,773$171,258$1,455,689
28$2,247,755$539,461$179,820$1,528,473
29$2,360,143$566,434$188,811$1,604,897
30$2,478,150$594,756$198,252$1,685,142
Total$40,000,000$9,600,000$3,200,000$27,200,000
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