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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 $176,000,000 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, Feb 13, 2016
Jackpot:$176,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,649,053$662,263$152,321$1,834,469
2$2,781,505$695,376$159,937$1,926,192
3$2,920,580$730,145$167,933$2,022,502
4$3,066,610$766,652$176,330$2,123,627
5$3,219,940$804,985$185,147$2,229,808
6$3,380,937$845,234$194,404$2,341,299
7$3,549,984$887,496$204,124$2,458,364
8$3,727,483$931,871$214,330$2,581,282
9$3,913,857$978,464$225,047$2,710,346
10$4,109,550$1,027,388$236,299$2,845,863
11$4,315,028$1,078,757$248,114$2,988,157
12$4,530,779$1,132,695$260,520$3,137,564
13$4,757,318$1,189,329$273,546$3,294,443
14$4,995,184$1,248,796$287,223$3,459,165
15$5,244,943$1,311,236$301,584$3,632,123
16$5,507,190$1,376,798$316,663$3,813,729
17$5,782,550$1,445,637$332,497$4,004,416
18$6,071,677$1,517,919$349,121$4,204,636
19$6,375,261$1,593,815$366,577$4,414,868
20$6,694,024$1,673,506$384,906$4,635,612
21$7,028,725$1,757,181$404,152$4,867,392
22$7,380,161$1,845,040$424,359$5,110,762
23$7,749,169$1,937,292$445,577$5,366,300
24$8,136,628$2,034,157$467,856$5,634,615
25$8,543,459$2,135,865$491,249$5,916,346
26$8,970,632$2,242,658$515,811$6,212,163
27$9,419,164$2,354,791$541,602$6,522,771
28$9,890,122$2,472,531$568,682$6,848,909
29$10,384,628$2,596,157$597,116$7,191,355
30$10,903,860$2,725,965$626,972$7,550,923
Total$176,000,000$44,000,000$10,120,000$121,880,000
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