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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 $158,000,000 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, Aug 8, 2020
Jackpot:$158,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,378,127$570,750$130,773$1,676,603
2$2,497,033$599,288$137,312$1,760,433
3$2,621,885$629,252$144,177$1,848,455
4$2,752,979$660,715$151,386$1,940,878
5$2,890,628$693,751$158,956$2,037,922
6$3,035,159$728,438$166,903$2,139,818
7$3,186,917$764,860$175,249$2,246,809
8$3,346,263$803,103$184,011$2,359,149
9$3,513,576$843,258$193,212$2,477,106
10$3,689,255$885,421$202,872$2,600,962
11$3,873,718$929,692$213,016$2,731,010
12$4,067,404$976,177$223,667$2,867,560
13$4,270,774$1,024,986$234,850$3,010,938
14$4,484,313$1,076,235$246,592$3,161,485
15$4,708,528$1,130,047$258,922$3,319,560
16$4,943,955$1,186,549$271,868$3,485,538
17$5,191,152$1,245,877$285,461$3,659,814
18$5,450,710$1,308,170$299,735$3,842,805
19$5,723,246$1,373,579$314,721$4,034,945
20$6,009,408$1,442,258$330,457$4,236,693
21$6,309,878$1,514,371$346,980$4,448,527
22$6,625,372$1,590,089$364,329$4,670,954
23$6,956,641$1,669,594$382,546$4,904,501
24$7,304,473$1,753,073$401,673$5,149,726
25$7,669,696$1,840,727$421,757$5,407,213
26$8,053,181$1,932,764$442,844$5,677,573
27$8,455,840$2,029,402$464,987$5,961,452
28$8,878,632$2,130,872$488,236$6,259,525
29$9,322,564$2,237,415$512,648$6,572,501
30$9,788,692$2,349,286$538,280$6,901,126
Total$158,000,000$37,920,000$8,688,420$111,391,580
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