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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 $40,000,000 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 5, 2015
Jackpot:$40,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$178,301$41,009$493,894
2$741,732$185,433$42,650$513,649
3$771,401$192,850$44,356$534,195
4$802,257$200,564$46,130$555,563
5$834,348$208,587$47,975$577,786
6$867,722$216,930$49,894$600,897
7$902,431$225,608$51,890$624,933
8$938,528$234,632$53,965$649,930
9$976,069$244,017$56,124$675,928
10$1,015,112$253,778$58,369$702,965
11$1,055,716$263,929$60,704$731,083
12$1,097,945$274,486$63,132$760,327
13$1,141,863$285,466$65,657$790,740
14$1,187,537$296,884$68,283$822,369
15$1,235,039$308,760$71,015$855,264
16$1,284,440$321,110$73,855$889,475
17$1,335,818$333,954$76,810$925,054
18$1,389,250$347,313$79,882$962,056
19$1,444,820$361,205$83,077$1,000,538
20$1,502,613$375,653$86,400$1,040,560
21$1,562,718$390,679$89,856$1,082,182
22$1,625,226$406,307$93,451$1,125,469
23$1,690,235$422,559$97,189$1,170,488
24$1,757,845$439,461$101,076$1,217,308
25$1,828,159$457,040$105,119$1,266,000
26$1,901,285$475,321$109,324$1,316,640
27$1,977,336$494,334$113,697$1,369,305
28$2,056,430$514,107$118,245$1,424,078
29$2,138,687$534,672$122,975$1,481,041
30$2,224,235$556,059$127,893$1,540,282
Total$40,000,000$10,000,000$2,300,000$27,700,000
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