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Powerball Annuity Jackpot Analysis for New Jersey (Apr. 3, 2019 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 $54,000,000 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:  Apr. 3, 2019
Jackpot:$54,000,000
Federal Tax:  24%
State Tax:8.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$195,067$65,022$552,689
2$853,416$204,820$68,273$580,323
3$896,087$215,061$71,687$609,339
4$940,892$225,814$75,271$639,806
5$987,936$237,105$79,035$671,797
6$1,037,333$248,960$82,987$705,386
7$1,089,200$261,408$87,136$740,656
8$1,143,660$274,478$91,493$777,689
9$1,200,843$288,202$96,067$816,573
10$1,260,885$302,612$100,871$857,402
11$1,323,929$317,743$105,914$900,272
12$1,390,125$333,630$111,210$945,285
13$1,459,632$350,312$116,771$992,549
14$1,532,613$367,827$122,609$1,042,177
15$1,609,244$386,219$128,740$1,094,286
16$1,689,706$405,529$135,176$1,149,000
17$1,774,191$425,806$141,935$1,206,450
18$1,862,901$447,096$149,032$1,266,773
19$1,956,046$469,451$156,484$1,330,111
20$2,053,848$492,924$164,308$1,396,617
21$2,156,541$517,570$172,523$1,466,448
22$2,264,368$543,448$181,149$1,539,770
23$2,377,586$570,621$190,207$1,616,759
24$2,496,465$599,152$199,717$1,697,596
25$2,621,289$629,109$209,703$1,782,476
26$2,752,353$660,565$220,188$1,871,600
27$2,889,971$693,593$231,198$1,965,180
28$3,034,469$728,273$242,758$2,063,439
29$3,186,193$764,686$254,895$2,166,611
30$3,345,502$802,921$267,640$2,274,942
Total$54,000,000$12,960,000$4,320,000$36,720,000
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