USA Mega

New Jersey Powerball Jackpot Annuity Payout Schedule for Nov 23, 2022

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The tax information provided here is based on 2022 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 $32,200,000 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, Nov 23, 2022
Jackpot:$32,200,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$484,656$143,383$52,101$289,173
2$508,889$151,864$54,706$302,319
3$534,333$160,770$57,441$316,123
4$561,050$170,544$60,313$330,194
5$589,103$180,923$63,329$344,851
6$618,558$191,821$66,495$360,241
7$649,486$203,265$69,820$376,401
8$681,960$215,280$73,311$393,369
9$716,058$227,896$76,976$411,185
10$751,861$241,144$80,825$429,892
11$789,454$255,053$84,866$449,535
12$828,927$269,658$89,110$470,159
13$870,373$284,993$93,565$491,815
14$913,892$301,095$98,243$514,553
15$959,586$318,002$103,156$538,429
16$1,007,565$335,754$108,313$563,498
17$1,057,944$354,394$113,729$589,821
18$1,110,841$373,966$119,415$617,459
19$1,166,383$394,517$125,386$646,480
20$1,224,702$416,095$131,655$676,952
21$1,285,937$438,752$138,238$708,947
22$1,350,234$462,542$145,150$742,542
23$1,417,746$487,521$152,408$777,817
24$1,488,633$513,749$160,028$814,856
25$1,563,065$541,289$168,029$853,746
26$1,641,218$570,206$176,431$894,581
27$1,723,279$600,568$185,252$937,458
28$1,809,443$632,449$194,515$982,479
29$1,899,915$665,924$204,241$1,029,751
30$1,994,911$701,072$214,453$1,079,386
Total$32,200,000$10,804,489$3,461,500$17,934,012

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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.