USA Mega

New Jersey Powerball Jackpot Annuity Payout Schedule for Feb 1, 2023

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The tax information provided here is based on 2022 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $653,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money, as well as deductions claimed.

State:

New Jersey

Drawing Date:Wed, Feb 1, 2023
Jackpot:$653,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,828,587$3,599,532$1,056,573$5,172,482
2$10,320,017$3,781,361$1,109,402$5,429,254
3$10,836,017$3,972,281$1,164,872$5,698,864
4$11,377,818$4,172,748$1,223,115$5,981,955
5$11,946,709$4,383,237$1,284,271$6,279,200
6$12,544,044$4,604,251$1,348,485$6,591,308
7$13,171,247$4,836,316$1,415,909$6,919,022
8$13,829,809$5,079,984$1,486,704$7,263,120
9$14,521,300$5,335,836$1,561,040$7,624,424
10$15,247,365$5,604,480$1,639,092$8,003,793
11$16,009,733$5,886,556$1,721,046$8,402,130
12$16,810,219$6,182,736$1,807,099$8,820,385
13$17,650,730$6,493,725$1,897,454$9,259,552
14$18,533,267$6,820,264$1,992,326$9,720,677
15$19,459,930$7,163,129$2,091,943$10,204,859
16$20,432,927$7,523,138$2,196,540$10,713,249
17$21,454,573$7,901,147$2,306,367$11,247,059
18$22,527,302$8,298,057$2,421,685$11,807,560
19$23,653,667$8,714,812$2,542,769$12,396,086
20$24,836,350$9,152,405$2,669,908$13,014,038
21$26,078,168$9,611,877$2,803,403$13,662,888
22$27,382,076$10,094,323$2,943,573$14,344,180
23$28,751,180$10,600,892$3,090,752$15,059,537
24$30,188,739$11,132,788$3,245,289$15,810,661
25$31,698,175$11,691,280$3,407,554$16,599,342
26$33,283,085$12,277,696$3,577,932$17,427,457
27$34,947,239$12,893,433$3,756,828$18,296,977
28$36,694,600$13,539,957$3,944,670$19,209,974
29$38,529,331$14,218,807$4,141,903$20,168,620
30$40,455,797$14,931,600$4,348,998$21,175,199
Total$653,000,001$240,498,648$70,197,502$342,303,852

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.