USA Mega

New Jersey Powerball Jackpot Annuity Payout Schedule for Jul 17, 2002

Media: You may freely use any information on this page, but you must credit usamega.com.

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 $35,000,000 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 money, as well as deductions claimed.

State:

New Jersey

Drawing Date:Wed, Jul 17, 2002
Jackpot:$35,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$624,053$189,088$67,086$367,880
2$649,016$198,324$69,769$380,923
3$674,976$207,929$72,560$394,487
4$701,975$217,919$75,462$408,594
5$730,054$228,308$78,481$423,266
6$759,256$239,113$81,620$438,524
7$789,627$250,350$84,885$454,392
8$821,212$262,036$88,280$470,895
9$854,060$274,190$91,811$488,059
10$888,223$286,830$95,484$505,909
11$923,752$299,976$99,303$524,472
12$960,702$313,647$103,275$543,779
13$999,130$327,866$107,406$563,858
14$1,039,095$342,653$111,703$584,739
15$1,080,659$358,031$116,171$606,456
16$1,123,885$374,025$120,818$629,042
17$1,168,840$390,659$125,650$652,531
18$1,215,594$407,958$130,676$676,960
19$1,264,218$425,948$135,903$702,366
20$1,314,787$444,659$141,340$728,788
21$1,367,378$464,118$146,993$756,267
22$1,422,073$484,355$152,873$784,845
23$1,478,956$505,401$158,988$814,567
24$1,538,114$527,290$165,347$845,477
25$1,599,639$550,054$171,961$877,624
26$1,663,624$573,729$178,840$911,056
27$1,730,169$598,350$185,993$945,826
28$1,799,376$623,957$193,433$981,986
29$1,871,351$650,588$201,170$1,019,593
30$1,946,205$678,284$209,217$1,058,704
Total$35,000,000$11,695,635$3,762,498$19,541,865

◄ Back to Jackpot Analysis

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.