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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 $60,000,000 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, Sep 28, 2016
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$225,772$51,927$625,387
2$948,240$237,060$54,524$656,656
3$995,652$248,913$57,250$689,489
4$1,045,435$261,359$60,113$723,964
5$1,097,707$274,427$63,118$760,162
6$1,152,592$288,148$66,274$798,170
7$1,210,222$302,555$69,588$838,079
8$1,270,733$317,683$73,067$879,983
9$1,334,270$333,567$76,720$923,982
10$1,400,983$350,246$80,557$970,181
11$1,471,032$367,758$84,584$1,018,690
12$1,544,584$386,146$88,814$1,069,624
13$1,621,813$405,453$93,254$1,123,105
14$1,702,904$425,726$97,917$1,179,261
15$1,788,049$447,012$102,813$1,238,224
16$1,877,451$469,363$107,953$1,300,135
17$1,971,324$492,831$113,351$1,365,142
18$2,069,890$517,472$119,019$1,433,399
19$2,173,384$543,346$124,970$1,505,069
20$2,282,054$570,513$131,218$1,580,322
21$2,396,156$599,039$137,779$1,659,338
22$2,515,964$628,991$144,668$1,742,305
23$2,641,762$660,441$151,901$1,829,420
24$2,773,850$693,463$159,496$1,920,891
25$2,912,543$728,136$167,471$2,016,936
26$3,058,170$764,543$175,845$2,117,783
27$3,211,079$802,770$184,637$2,223,672
28$3,371,633$842,908$193,869$2,334,856
29$3,540,214$885,054$203,562$2,451,598
30$3,717,225$929,306$213,740$2,574,178
Total$60,000,000$15,000,000$3,450,000$41,550,000
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