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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 $100,000,000 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 1, 2016
Jackpot:$100,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,505,144$376,286$86,546$1,042,312
2$1,580,401$395,100$90,873$1,094,427
3$1,659,421$414,855$95,417$1,149,149
4$1,742,392$435,598$100,188$1,206,606
5$1,829,511$457,378$105,197$1,266,937
6$1,920,987$480,247$110,457$1,330,283
7$2,017,036$504,259$115,980$1,396,798
8$2,117,888$529,472$121,779$1,466,638
9$2,223,783$555,946$127,867$1,539,969
10$2,334,972$583,743$134,261$1,616,968
11$2,451,720$612,930$140,974$1,697,816
12$2,574,306$643,577$148,023$1,782,707
13$2,703,022$675,755$155,424$1,871,842
14$2,838,173$709,543$163,195$1,965,435
15$2,980,081$745,020$171,355$2,063,706
16$3,129,085$782,271$179,922$2,166,892
17$3,285,540$821,385$188,919$2,275,236
18$3,449,817$862,454$198,364$2,388,998
19$3,622,307$905,577$208,283$2,508,448
20$3,803,423$950,856$218,697$2,633,870
21$3,993,594$998,398$229,632$2,765,564
22$4,193,274$1,048,318$241,113$2,903,842
23$4,402,937$1,100,734$253,169$3,049,034
24$4,623,084$1,155,771$265,827$3,201,486
25$4,854,238$1,213,560$279,119$3,361,560
26$5,096,950$1,274,238$293,075$3,529,638
27$5,351,798$1,337,949$307,728$3,706,120
28$5,619,388$1,404,847$323,115$3,891,426
29$5,900,357$1,475,089$339,271$4,085,997
30$6,195,375$1,548,844$356,234$4,290,297
Total$100,000,000$25,000,000$5,750,000$69,250,000
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