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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 $348,000,000 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, May 4, 2016
Jackpot:$348,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,237,899$1,309,475$301,179$3,627,245
2$5,499,794$1,374,949$316,238$3,808,608
3$5,774,784$1,443,696$332,050$3,999,038
4$6,063,523$1,515,881$348,653$4,198,990
5$6,366,699$1,591,675$366,085$4,408,939
6$6,685,034$1,671,259$384,389$4,629,386
7$7,019,286$1,754,822$403,609$4,860,856
8$7,370,251$1,842,563$423,789$5,103,899
9$7,738,763$1,934,691$444,979$5,359,093
10$8,125,701$2,031,425$467,228$5,627,048
11$8,531,986$2,132,997$490,589$5,908,401
12$8,958,586$2,239,646$515,119$6,203,821
13$9,406,515$2,351,629$540,875$6,514,012
14$9,876,841$2,469,210$567,918$6,839,712
15$10,370,683$2,592,671$596,314$7,181,698
16$10,889,217$2,722,304$626,130$7,540,783
17$11,433,677$2,858,419$657,436$7,917,822
18$12,005,361$3,001,340$690,308$8,313,713
19$12,605,629$3,151,407$724,824$8,729,398
20$13,235,911$3,308,978$761,065$9,165,868
21$13,897,706$3,474,427$799,118$9,624,162
22$14,592,592$3,648,148$839,074$10,105,370
23$15,322,221$3,830,555$881,028$10,610,638
24$16,088,332$4,022,083$925,079$11,141,170
25$16,892,749$4,223,187$971,333$11,698,229
26$17,737,387$4,434,347$1,019,900$12,283,140
27$18,624,256$4,656,064$1,070,895$12,897,297
28$19,555,469$4,888,867$1,124,439$13,542,162
29$20,533,242$5,133,311$1,180,661$14,219,270
30$21,559,904$5,389,976$1,239,694$14,930,234
Total$348,000,001$87,000,000$20,010,000$240,990,000
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