USA Mega

New Jersey Powerball Jackpot Annuity Payout Schedule for Dec 21, 1996

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The tax information provided here is based on 2024 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 $41,600,000 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 money, as well as deductions claimed.

State:

New Jersey

Drawing Date:Sat, Dec 21, 1996
Jackpot:$41,600,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$741,732$232,629$79,736$429,367
2$771,401$243,606$82,926$444,869
3$802,257$255,023$86,243$460,992
4$834,348$266,896$89,692$477,759
5$867,722$279,245$93,280$495,197
6$902,431$292,087$97,011$513,332
7$938,528$305,443$100,892$532,193
8$976,069$319,333$104,927$551,808
9$1,015,112$333,779$109,125$572,208
10$1,055,716$348,803$113,489$593,424
11$1,097,945$364,427$118,029$615,488
12$1,141,863$380,677$122,750$638,435
13$1,187,537$397,576$127,660$662,300
14$1,235,039$415,152$132,767$687,120
15$1,284,440$433,431$138,077$712,932
16$1,335,818$452,440$143,600$739,777
17$1,389,250$472,210$149,344$767,696
18$1,444,820$492,771$155,318$796,731
19$1,502,613$514,155$161,531$826,928
20$1,562,718$536,393$167,992$858,332
21$1,625,226$559,522$174,712$890,993
22$1,690,235$583,575$181,700$924,960
23$1,757,845$608,590$188,968$960,286
24$1,828,159$634,606$196,527$997,025
25$1,901,285$661,663$204,388$1,035,234
26$1,977,336$689,802$212,564$1,074,971
27$2,056,430$719,067$221,066$1,116,297
28$2,138,687$749,502$229,909$1,159,276
29$2,224,235$781,155$239,105$1,203,975
30$2,313,204$814,073$248,669$1,250,461
Total$41,600,000$14,137,631$4,471,997$22,990,366

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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.