USA Mega

New Jersey Powerball Jackpot Annuity Payout Schedule for Oct 28, 2023

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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 $124,600,000 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, Oct 28, 2023
Jackpot:$124,600,000
Federal Tax:37% marginal rate
State Tax: 10.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,875,409$652,089$201,606$1,021,713
2$1,969,179$686,784$211,687$1,070,708
3$2,067,638$723,214$222,271$1,122,153
4$2,171,020$761,465$233,385$1,176,170
5$2,279,571$801,629$245,054$1,232,888
6$2,393,550$843,801$257,307$1,292,442
7$2,513,227$888,082$270,172$1,354,973
8$2,638,889$934,577$283,681$1,420,632
9$2,770,833$983,396$297,865$1,489,572
10$2,909,375$1,034,656$312,758$1,561,960
11$3,054,843$1,088,480$328,396$1,637,968
12$3,207,586$1,144,994$344,815$1,717,776
13$3,367,965$1,204,335$362,056$1,801,574
14$3,536,363$1,266,642$380,159$1,889,562
15$3,713,181$1,332,065$399,167$1,981,949
16$3,898,840$1,400,759$419,125$2,078,956
17$4,093,782$1,472,887$440,082$2,180,813
18$4,298,471$1,548,622$462,086$2,287,764
19$4,513,395$1,628,144$485,190$2,400,061
20$4,739,065$1,711,642$509,449$2,517,974
21$4,976,018$1,799,314$534,922$2,641,782
22$5,224,819$1,891,371$561,668$2,771,780
23$5,486,060$1,988,030$589,751$2,908,278
24$5,760,363$2,089,522$619,239$3,051,602
25$6,048,381$2,196,089$650,201$3,202,091
26$6,350,800$2,307,984$682,711$3,360,105
27$6,668,340$2,425,474$716,847$3,526,020
28$7,001,757$2,548,838$752,689$3,700,230
29$7,351,845$2,678,370$790,323$3,883,151
30$7,719,437$2,814,379$829,839$4,075,218
Total$124,600,000$44,847,634$13,394,501$66,357,865

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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.