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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 $122,000,000 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, Jun 26, 2019
Jackpot:$122,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$440,706$100,977$1,294,592
2$1,928,089$462,741$106,026$1,359,322
3$2,024,493$485,878$111,327$1,427,288
4$2,125,718$510,172$116,893$1,498,652
5$2,232,004$535,681$122,738$1,573,585
6$2,343,604$562,465$128,875$1,652,264
7$2,460,784$590,588$135,319$1,734,878
8$2,583,823$620,118$142,084$1,821,621
9$2,713,015$651,124$149,189$1,912,702
10$2,848,665$683,680$156,648$2,008,338
11$2,991,099$717,864$164,481$2,108,754
12$3,140,654$753,757$172,705$2,214,192
13$3,297,686$791,445$181,340$2,324,902
14$3,462,571$831,017$190,407$2,441,147
15$3,635,699$872,568$199,927$2,563,204
16$3,817,484$916,196$209,923$2,691,364
17$4,008,358$962,006$220,420$2,825,933
18$4,208,776$1,010,106$231,441$2,967,229
19$4,419,215$1,060,612$243,013$3,115,591
20$4,640,176$1,113,642$255,163$3,271,370
21$4,872,184$1,169,324$267,921$3,434,939
22$5,115,794$1,227,790$281,317$3,606,686
23$5,371,583$1,289,180$295,383$3,787,020
24$5,640,162$1,353,639$310,153$3,976,371
25$5,922,171$1,421,321$325,660$4,175,189
26$6,218,279$1,492,387$341,943$4,383,949
27$6,529,193$1,567,006$359,040$4,603,146
28$6,855,653$1,645,357$376,992$4,833,304
29$7,198,435$1,727,625$395,842$5,074,969
30$7,558,357$1,814,006$415,634$5,328,717
Total$122,000,000$29,280,000$6,708,780$86,011,220
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