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Powerball Annuity Jackpot Analysis for North Carolina

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $60,000,000 would be for a resident of North Carolina, 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

North Carolina

Drawing Date:  Wed, Jul 30, 2014
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:5.80%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$267,451$62,049$740,306
2$1,112,598$278,150$64,531$769,918
3$1,157,102$289,276$67,112$800,715
4$1,203,386$300,847$69,796$832,743
5$1,251,522$312,880$72,588$866,053
6$1,301,583$325,396$75,492$900,695
7$1,353,646$338,411$78,511$936,723
8$1,407,792$351,948$81,652$974,192
9$1,464,103$366,026$84,918$1,013,159
10$1,522,667$380,667$88,315$1,053,686
11$1,583,574$395,894$91,847$1,095,833
12$1,646,917$411,729$95,521$1,139,667
13$1,712,794$428,198$99,342$1,185,253
14$1,781,306$445,326$103,316$1,232,663
15$1,852,558$463,139$107,448$1,281,970
16$1,926,660$481,665$111,746$1,333,249
17$2,003,726$500,932$116,216$1,386,579
18$2,083,876$520,969$120,865$1,442,042
19$2,167,231$541,808$125,699$1,499,724
20$2,253,920$563,480$130,727$1,559,712
21$2,344,077$586,019$135,956$1,622,101
22$2,437,840$609,460$141,395$1,686,985
23$2,535,353$633,838$147,050$1,754,464
24$2,636,767$659,192$152,933$1,824,643
25$2,742,238$685,560$159,050$1,897,629
26$2,851,928$712,982$165,412$1,973,534
27$2,966,005$741,501$172,028$2,052,475
28$3,084,645$771,161$178,909$2,134,574
29$3,208,031$802,008$186,066$2,219,957
30$3,336,352$834,088$193,508$2,308,755
Total$60,000,000$15,000,000$3,480,000$41,520,000
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