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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 $154,000,000 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, Aug 31, 2016
Jackpot:$154,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,317,921$579,480$133,280$1,605,160
2$2,433,817$608,454$139,944$1,685,418
3$2,555,508$638,877$146,942$1,769,689
4$2,683,283$670,821$154,289$1,858,174
5$2,817,447$704,362$162,003$1,951,082
6$2,958,320$739,580$170,103$2,048,636
7$3,106,236$776,559$178,609$2,151,068
8$3,261,548$815,387$187,539$2,258,622
9$3,424,625$856,156$196,916$2,371,553
10$3,595,856$898,964$206,762$2,490,130
11$3,775,649$943,912$217,100$2,614,637
12$3,964,432$991,108$227,955$2,745,369
13$4,162,653$1,040,663$239,353$2,882,637
14$4,370,786$1,092,696$251,320$3,026,769
15$4,589,325$1,147,331$263,886$3,178,108
16$4,818,791$1,204,698$277,081$3,337,013
17$5,059,731$1,264,933$290,935$3,503,864
18$5,312,717$1,328,179$305,481$3,679,057
19$5,578,353$1,394,588$320,755$3,863,010
20$5,857,271$1,464,318$336,793$4,056,160
21$6,150,134$1,537,534$353,633$4,258,968
22$6,457,641$1,614,410$371,314$4,471,917
23$6,780,523$1,695,131$389,880$4,695,512
24$7,119,549$1,779,887$409,374$4,930,288
25$7,475,527$1,868,882$429,843$5,176,802
26$7,849,303$1,962,326$451,335$5,435,643
27$8,241,768$2,060,442$473,902$5,707,425
28$8,653,857$2,163,464$497,597$5,992,796
29$9,086,550$2,271,637$522,477$6,292,436
30$9,540,877$2,385,219$548,600$6,607,057
Total$154,000,000$38,500,000$8,855,000$106,645,000
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