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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 $127,000,000 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, Oct 31, 2020
Jackpot:$127,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$458,768$105,115$1,347,649
2$2,007,109$481,706$110,371$1,415,032
3$2,107,464$505,791$115,889$1,485,783
4$2,212,838$531,081$121,684$1,560,073
5$2,323,479$557,635$127,768$1,638,076
6$2,439,653$585,517$134,157$1,719,980
7$2,561,636$614,793$140,864$1,805,979
8$2,689,718$645,532$147,908$1,896,278
9$2,824,204$677,809$155,303$1,991,092
10$2,965,414$711,699$163,068$2,090,646
11$3,113,685$747,284$171,222$2,195,179
12$3,269,369$784,649$179,783$2,304,938
13$3,432,837$823,881$188,772$2,420,185
14$3,604,479$865,075$198,210$2,541,194
15$3,784,703$908,329$208,121$2,668,254
16$3,973,938$953,745$218,527$2,801,666
17$4,172,635$1,001,432$229,453$2,941,750
18$4,381,267$1,051,504$240,926$3,088,837
19$4,600,330$1,104,079$252,972$3,243,279
20$4,830,347$1,159,283$265,621$3,405,443
21$5,071,864$1,217,247$278,902$3,575,715
22$5,325,457$1,278,110$292,847$3,754,501
23$5,591,730$1,342,015$307,489$3,942,226
24$5,871,317$1,409,116$322,864$4,139,337
25$6,164,883$1,479,572$339,007$4,346,304
26$6,473,127$1,553,550$355,957$4,563,619
27$6,796,783$1,631,228$373,755$4,791,800
28$7,136,622$1,712,789$392,443$5,031,390
29$7,493,453$1,798,429$412,065$5,282,959
30$7,868,126$1,888,350$432,668$5,547,108
Total$127,000,000$30,480,000$6,983,730$89,536,270
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