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Powerball Annuity Jackpot Analysis for New Jersey (Aug. 29, 2020 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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:8.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$56,593$481,044
2$742,788$178,269$59,423$505,096
3$779,928$187,183$62,394$530,351
4$818,924$196,542$65,514$556,868
5$859,870$206,369$68,790$584,712
6$902,864$216,687$72,229$613,947
7$948,007$227,522$75,841$644,645
8$995,407$238,898$79,633$676,877
9$1,045,178$250,843$83,614$710,721
10$1,097,437$263,385$87,795$746,257
11$1,152,308$276,554$92,185$783,570
12$1,209,924$290,382$96,794$822,748
13$1,270,420$304,901$101,634$863,886
14$1,333,941$320,146$106,715$907,080
15$1,400,638$336,153$112,051$952,434
16$1,470,670$352,961$117,654$1,000,056
17$1,544,204$370,609$123,536$1,050,058
18$1,621,414$389,139$129,713$1,102,561
19$1,702,484$408,596$136,199$1,157,689
20$1,787,609$429,026$143,009$1,215,574
21$1,876,989$450,477$150,159$1,276,353
22$1,970,839$473,001$157,667$1,340,170
23$2,069,380$496,651$165,550$1,407,179
24$2,172,849$521,484$173,828$1,477,538
25$2,281,492$547,558$182,519$1,551,415
26$2,395,567$574,936$191,645$1,628,985
27$2,515,345$603,683$201,228$1,710,435
28$2,641,112$633,867$211,289$1,795,956
29$2,773,168$665,560$221,853$1,885,754
30$2,911,826$698,838$232,946$1,980,042
Total$47,000,000$11,280,000$3,760,000$31,960,000
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