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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 $128,000,000 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:  Sat, Apr 19, 2014
Jackpot:$128,000,000
Federal Tax:  25%
State Tax:5.80%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,282,253$570,563$132,371$1,579,319
2$2,373,543$593,386$137,665$1,642,492
3$2,468,485$617,121$143,172$1,708,191
4$2,567,224$641,806$148,899$1,776,519
5$2,669,913$667,478$154,855$1,847,580
6$2,776,709$694,177$161,049$1,921,483
7$2,887,778$721,944$167,491$1,998,342
8$3,003,289$750,822$174,191$2,078,276
9$3,123,420$780,855$181,158$2,161,407
10$3,248,357$812,089$188,405$2,247,863
11$3,378,291$844,573$195,941$2,337,778
12$3,513,423$878,356$203,779$2,431,289
13$3,653,960$913,490$211,930$2,528,540
14$3,800,118$950,030$220,407$2,629,682
15$3,952,123$988,031$229,223$2,734,869
16$4,110,208$1,027,552$238,392$2,844,264
17$4,274,616$1,068,654$247,928$2,958,035
18$4,445,601$1,111,400$257,845$3,076,356
19$4,623,425$1,155,856$268,159$3,199,410
20$4,808,362$1,202,091$278,885$3,327,387
21$5,000,697$1,250,174$290,040$3,460,482
22$5,200,725$1,300,181$301,642$3,598,901
23$5,408,754$1,352,188$313,708$3,742,857
24$5,625,104$1,406,276$326,256$3,892,572
25$5,850,108$1,462,527$339,306$4,048,275
26$6,084,112$1,521,028$352,879$4,210,206
27$6,327,477$1,581,869$366,994$4,378,614
28$6,580,576$1,645,144$381,673$4,553,758
29$6,843,799$1,710,950$396,940$4,735,909
30$7,117,551$1,779,388$412,818$4,925,345
Total$128,000,000$32,000,000$7,424,000$88,576,000
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