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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 $67,000,000 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, Dec 7, 2016
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$57,986$698,349
2$1,058,868$264,717$60,885$733,266
3$1,111,812$277,953$63,929$769,930
4$1,167,403$291,851$67,126$808,426
5$1,225,773$306,443$70,482$848,848
6$1,287,061$321,765$74,006$891,290
7$1,351,414$337,854$77,706$935,854
8$1,418,985$354,746$81,592$982,647
9$1,489,934$372,484$85,671$1,031,779
10$1,564,431$391,108$89,955$1,083,368
11$1,642,653$410,663$94,453$1,137,537
12$1,724,785$431,196$99,175$1,194,414
13$1,811,024$452,756$104,134$1,254,134
14$1,901,576$475,394$109,341$1,316,841
15$1,996,654$499,164$114,808$1,382,683
16$2,096,487$524,122$120,548$1,451,817
17$2,201,311$550,328$126,575$1,524,408
18$2,311,377$577,844$132,904$1,600,629
19$2,426,946$606,736$139,549$1,680,660
20$2,548,293$637,073$146,527$1,764,693
21$2,675,708$668,927$153,853$1,852,928
22$2,809,493$702,373$161,546$1,945,574
23$2,949,968$737,492$169,623$2,042,853
24$3,097,466$774,367$178,104$2,144,995
25$3,252,340$813,085$187,010$2,252,245
26$3,414,957$853,739$196,360$2,364,857
27$3,585,704$896,426$206,178$2,483,100
28$3,764,990$941,247$216,487$2,607,255
29$3,953,239$988,310$227,311$2,737,618
30$4,150,901$1,037,725$238,677$2,874,499
Total$67,000,000$16,750,000$3,852,500$46,397,500
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