USA Mega

New Jersey Powerball Jackpot Annuity Payout Schedule for Jul 31, 2002

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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 $14,000,000 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 31, 2002
Jackpot:$14,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$249,621$57,742$26,834$165,045
2$259,606$61,237$27,908$170,462
3$269,990$64,871$29,024$176,095
4$280,790$68,651$30,185$181,954
5$292,022$72,582$31,392$188,047
6$303,703$76,671$32,648$194,384
7$315,851$80,922$33,954$200,974
8$328,485$85,344$35,312$207,828
9$341,624$89,943$36,725$214,956
10$355,289$94,726$38,194$222,370
11$369,501$99,700$39,721$230,079
12$384,281$104,873$41,310$238,098
13$399,652$110,253$42,963$246,436
14$415,638$115,848$44,681$255,109
15$432,263$121,667$46,468$264,128
16$449,554$127,719$48,327$273,508
17$467,536$134,012$50,260$283,264
18$486,238$140,558$52,271$293,409
19$505,687$147,365$54,361$303,961
20$525,915$154,445$56,536$314,934
21$546,951$161,808$58,797$326,346
22$568,829$169,465$61,149$338,215
23$591,582$177,429$63,595$350,559
24$615,246$185,829$66,139$363,278
25$639,856$194,934$68,784$376,137
26$665,450$204,404$71,536$389,510
27$692,068$214,253$74,397$403,418
28$719,750$224,495$77,373$417,882
29$748,540$235,148$80,468$432,925
30$778,482$246,226$83,687$448,569
Total$14,000,000$4,023,120$1,504,999$8,471,880

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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.