USA Mega

New Jersey Powerball Jackpot Annuity Payout Schedule for Sep 23, 2020

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The tax information provided here is based on 2021 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 $22,000,000 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, Sep 23, 2020
Jackpot:$22,000,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$90,440$35,597$205,095
2$347,688$96,235$37,376$214,077
3$365,073$102,320$39,245$223,508
4$383,326$108,708$41,208$233,410
5$402,492$115,417$43,268$243,808
6$422,617$122,460$45,431$254,726
7$443,748$129,856$47,703$266,189
8$465,935$137,622$50,088$278,226
9$489,232$145,776$52,592$290,864
10$513,694$154,337$55,222$304,135
11$539,378$163,642$57,983$317,753
12$566,347$173,621$60,882$331,844
13$594,665$184,098$63,926$346,640
14$624,398$195,099$67,123$362,176
15$655,618$206,651$70,479$378,488
16$688,399$218,780$74,003$395,616
17$722,819$231,515$77,703$413,601
18$758,960$244,887$81,588$432,484
19$796,908$258,928$85,668$452,312
20$836,753$273,671$89,951$473,131
21$878,591$289,151$94,448$494,991
22$922,520$305,405$99,171$517,945
23$968,646$322,471$104,129$542,045
24$1,017,078$340,391$109,336$567,351
25$1,067,932$359,207$114,803$593,922
26$1,121,329$378,964$120,543$621,822
27$1,177,395$399,709$126,570$651,117
28$1,236,265$421,490$132,899$681,876
29$1,298,079$444,361$139,543$714,174
30$1,362,982$468,376$146,521$748,086
Total$22,000,000$7,083,588$2,364,999$12,551,412

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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.