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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 $304,000,000 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, Feb 23, 2019
Jackpot:$304,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,575,636$1,098,153$251,614$3,225,869
2$4,804,418$1,153,060$264,195$3,387,163
3$5,044,639$1,210,713$277,405$3,556,521
4$5,296,871$1,271,249$291,275$3,734,347
5$5,561,714$1,334,811$305,839$3,921,064
6$5,839,800$1,401,552$321,131$4,117,118
7$6,131,790$1,471,630$337,187$4,322,974
8$6,438,380$1,545,211$354,047$4,539,122
9$6,760,299$1,622,472$371,749$4,766,078
10$7,098,314$1,703,595$390,336$5,004,382
11$7,453,229$1,788,775$409,853$5,254,601
12$7,825,891$1,878,214$430,346$5,517,331
13$8,217,185$1,972,124$451,863$5,793,198
14$8,628,045$2,070,731$474,456$6,082,858
15$9,059,447$2,174,267$498,179$6,387,001
16$9,512,419$2,282,981$523,088$6,706,351
17$9,988,040$2,397,130$549,242$7,041,668
18$10,487,442$2,516,986$576,704$7,393,752
19$11,011,814$2,642,835$605,540$7,763,439
20$11,562,405$2,774,977$635,817$8,151,611
21$12,140,525$2,913,726$667,607$8,559,192
22$12,747,551$3,059,412$700,988$8,987,151
23$13,384,929$3,212,383$736,037$9,436,509
24$14,054,175$3,373,002$772,839$9,908,334
25$14,756,884$3,541,652$811,481$10,403,751
26$15,494,729$3,718,735$852,055$10,923,939
27$16,269,465$3,904,672$894,658$11,470,136
28$17,082,938$4,099,905$939,391$12,043,642
29$17,937,085$4,304,900$986,360$12,645,824
30$18,833,939$4,520,145$1,035,678$13,278,116
Total$304,000,001$72,960,000$16,716,960$214,323,040
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