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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 $422,000,000 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 27, 2016
Jackpot:$422,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,351,706$1,587,926$365,223$4,398,556
2$6,669,291$1,667,323$383,484$4,618,484
3$7,002,755$1,750,689$402,658$4,849,408
4$7,352,893$1,838,223$422,791$5,091,879
5$7,720,538$1,930,134$443,931$5,346,472
6$8,106,565$2,026,641$466,127$5,613,796
7$8,511,893$2,127,973$489,434$5,894,486
8$8,937,488$2,234,372$513,906$6,189,210
9$9,384,362$2,346,091$539,601$6,498,671
10$9,853,580$2,463,395$566,581$6,823,604
11$10,346,259$2,586,565$594,910$7,164,785
12$10,863,572$2,715,893$624,655$7,523,024
13$11,406,751$2,851,688$655,888$7,899,175
14$11,977,088$2,994,272$688,683$8,294,134
15$12,575,943$3,143,986$723,117$8,708,840
16$13,204,740$3,301,185$759,273$9,144,282
17$13,864,977$3,466,244$797,236$9,601,496
18$14,558,226$3,639,556$837,098$10,081,571
19$15,286,137$3,821,534$878,953$10,585,650
20$16,050,444$4,012,611$922,901$11,114,932
21$16,852,966$4,213,241$969,046$11,670,679
22$17,695,614$4,423,904$1,017,498$12,254,213
23$18,580,395$4,645,099$1,068,373$12,866,924
24$19,509,414$4,877,354$1,121,791$13,510,270
25$20,484,885$5,121,221$1,177,881$14,185,783
26$21,509,130$5,377,282$1,236,775$14,895,072
27$22,584,586$5,646,147$1,298,614$15,639,826
28$23,713,815$5,928,454$1,363,544$16,421,817
29$24,899,506$6,224,877$1,431,722$17,242,908
30$26,144,482$6,536,120$1,503,308$18,105,054
Total$422,000,001$105,500,000$24,265,000$292,235,001
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