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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 $153,000,000 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, Jan 21, 2017
Jackpot:$153,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,302,870$575,717$132,415$1,594,737
2$2,418,013$604,503$139,036$1,674,474
3$2,538,914$634,728$145,988$1,758,198
4$2,665,859$666,465$153,287$1,846,108
5$2,799,152$699,788$160,951$1,938,413
6$2,939,110$734,777$168,999$2,035,334
7$3,086,066$771,516$177,449$2,137,100
8$3,240,369$810,092$186,321$2,243,955
9$3,402,387$850,597$195,637$2,356,153
10$3,572,507$893,127$205,419$2,473,961
11$3,751,132$937,783$215,690$2,597,659
12$3,938,688$984,672$226,475$2,727,542
13$4,135,623$1,033,906$237,798$2,863,919
14$4,342,404$1,085,601$249,688$3,007,115
15$4,559,524$1,139,881$262,173$3,157,471
16$4,787,501$1,196,875$275,281$3,315,344
17$5,026,875$1,256,719$289,045$3,481,111
18$5,278,219$1,319,555$303,498$3,655,167
19$5,542,130$1,385,533$318,672$3,837,925
20$5,819,237$1,454,809$334,606$4,029,821
21$6,110,199$1,527,550$351,336$4,231,312
22$6,415,708$1,603,927$368,903$4,442,878
23$6,736,494$1,684,123$387,348$4,665,022
24$7,073,319$1,768,330$406,716$4,898,273
25$7,426,984$1,856,746$427,052$5,143,187
26$7,798,334$1,949,583$448,404$5,400,346
27$8,188,250$2,047,063$470,824$5,670,363
28$8,597,663$2,149,416$494,366$5,953,882
29$9,027,546$2,256,887$519,084$6,251,576
30$9,478,923$2,369,731$545,038$6,564,154
Total$153,000,000$38,250,000$8,797,500$105,952,500
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