USA Mega

New Jersey Powerball Jackpot Annuity Payout Schedule for Aug 13, 2005

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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 $10,000,000 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:Sat, Aug 13, 2005
Jackpot:$10,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$178,301$35,835$19,167$123,299
2$185,433$37,546$19,934$127,953
3$192,850$39,399$20,731$132,720
4$200,564$41,867$21,561$137,137
5$208,587$44,434$22,423$141,730
6$216,930$47,104$23,320$146,506
7$225,608$49,881$24,253$151,474
8$234,632$52,769$25,223$156,640
9$244,017$55,781$26,232$162,005
10$253,778$59,197$27,281$167,300
11$263,929$62,750$28,372$172,807
12$274,486$66,445$29,507$178,534
13$285,466$70,288$30,688$184,490
14$296,884$74,284$31,915$190,685
15$308,760$78,441$33,192$197,127
16$321,110$82,763$34,519$203,827
17$333,954$87,259$35,900$210,796
18$347,313$91,934$37,336$218,042
19$361,205$96,797$38,830$225,579
20$375,653$101,853$40,383$233,417
21$390,679$107,113$41,998$241,569
22$406,307$112,582$43,678$250,047
23$422,559$118,270$45,425$258,863
24$439,461$124,186$47,242$268,033
25$457,040$130,339$49,132$277,569
26$475,321$136,737$51,097$287,487
27$494,334$143,392$53,141$297,802
28$514,107$150,312$55,267$308,529
29$534,672$157,510$57,477$319,685
30$556,059$164,995$59,776$331,287
Total$10,000,000$2,622,063$1,075,000$6,302,939

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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.