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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 $166,000,000 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, Apr 27, 2019
Jackpot:$166,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,498,538$599,649$137,395$1,761,494
2$2,623,465$629,632$144,264$1,849,569
3$2,754,638$661,113$151,478$1,942,048
4$2,892,370$694,169$159,051$2,039,150
5$3,036,989$728,877$167,004$2,141,107
6$3,188,838$765,321$175,354$2,248,163
7$3,348,280$803,587$184,122$2,360,571
8$3,515,694$843,767$193,328$2,478,600
9$3,691,479$885,955$202,994$2,602,530
10$3,876,053$930,253$213,144$2,732,656
11$4,069,856$976,765$223,801$2,869,289
12$4,273,348$1,025,604$234,991$3,012,753
13$4,487,016$1,076,884$246,741$3,163,391
14$4,711,367$1,130,728$259,078$3,321,561
15$4,946,935$1,187,264$272,032$3,487,638
16$5,194,282$1,246,628$285,634$3,662,020
17$5,453,996$1,308,959$299,915$3,845,121
18$5,726,695$1,374,407$314,911$4,037,378
19$6,013,030$1,443,127$330,657$4,239,246
20$6,313,682$1,515,284$347,189$4,451,209
21$6,629,366$1,591,048$364,549$4,673,769
22$6,960,834$1,670,600$382,776$4,907,458
23$7,308,876$1,754,130$401,915$5,152,830
24$7,674,319$1,841,837$422,011$5,410,472
25$8,058,035$1,933,928$443,111$5,680,996
26$8,460,937$2,030,625$465,267$5,965,045
27$8,883,984$2,132,156$488,530$6,263,298
28$9,328,183$2,238,764$512,957$6,576,462
29$9,794,592$2,350,702$538,605$6,905,286
30$10,284,322$2,468,237$565,535$7,250,550
Total$166,000,000$39,840,000$9,128,340$117,031,660
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