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Powerball Annuity Jackpot Analysis for New Jersey (Nov. 3, 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 $53,000,000 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:  Nov. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:8.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$63,818$542,454
2$837,612$201,027$67,009$569,576
3$879,493$211,078$70,359$598,055
4$923,468$221,632$73,877$627,958
5$969,641$232,714$77,571$659,356
6$1,018,123$244,350$81,450$692,324
7$1,069,029$256,567$85,522$726,940
8$1,122,481$269,395$89,798$763,287
9$1,178,605$282,865$94,288$801,451
10$1,237,535$297,008$99,003$841,524
11$1,299,412$311,859$103,953$883,600
12$1,364,382$327,452$109,151$927,780
13$1,432,601$343,824$114,608$974,169
14$1,504,231$361,016$120,339$1,022,877
15$1,579,443$379,066$126,355$1,074,021
16$1,658,415$398,020$132,673$1,127,722
17$1,741,336$417,921$139,307$1,184,108
18$1,828,403$438,817$146,272$1,243,314
19$1,919,823$460,757$153,586$1,305,480
20$2,015,814$483,795$161,265$1,370,754
21$2,116,605$507,985$169,328$1,439,291
22$2,222,435$533,384$177,795$1,511,256
23$2,333,557$560,054$186,685$1,586,819
24$2,450,235$588,056$196,019$1,666,159
25$2,572,746$617,459$205,820$1,749,467
26$2,701,384$648,332$216,111$1,836,941
27$2,836,453$680,749$226,916$1,928,788
28$2,978,275$714,786$238,262$2,025,227
29$3,127,189$750,525$250,175$2,126,489
30$3,283,549$788,052$262,684$2,232,813
Total$53,000,000$12,720,000$4,240,000$36,040,000
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