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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 $125,000,000 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, May 30, 2020
Jackpot:$125,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,881,429$451,543$103,460$1,326,427
2$1,975,501$474,120$108,633$1,392,748
3$2,074,276$497,826$114,064$1,462,385
4$2,177,990$522,718$119,768$1,535,505
5$2,286,889$548,853$125,756$1,612,280
6$2,401,234$576,296$132,044$1,692,894
7$2,521,295$605,111$138,646$1,777,538
8$2,647,360$635,366$145,578$1,866,415
9$2,779,728$667,135$152,857$1,959,736
10$2,918,715$700,491$160,500$2,057,723
11$3,064,650$735,516$168,525$2,160,609
12$3,217,883$772,292$176,951$2,268,640
13$3,378,777$810,906$185,799$2,382,071
14$3,547,716$851,452$195,089$2,501,175
15$3,725,102$894,024$204,843$2,626,234
16$3,911,357$938,726$215,086$2,757,546
17$4,106,924$985,662$225,840$2,895,423
18$4,312,271$1,034,945$237,132$3,040,194
19$4,527,884$1,086,692$248,988$3,192,204
20$4,754,278$1,141,027$261,438$3,351,814
21$4,991,992$1,198,078$274,510$3,519,404
22$5,241,592$1,257,982$288,235$3,695,375
23$5,503,672$1,320,881$302,647$3,880,143
24$5,778,855$1,386,925$317,779$4,074,151
25$6,067,798$1,456,271$333,668$4,277,858
26$6,371,188$1,529,085$350,352$4,491,751
27$6,689,747$1,605,539$367,869$4,716,339
28$7,024,234$1,685,816$386,263$4,952,155
29$7,375,446$1,770,107$405,576$5,199,763
30$7,744,219$1,858,612$425,855$5,459,751
Total$125,000,000$30,000,000$6,873,750$88,126,250
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