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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 $50,000,000 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, Aug 24, 2019
Jackpot:$50,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$752,572$180,617$41,384$530,571
2$790,200$189,648$43,453$557,099
3$829,710$199,130$45,626$584,954
4$871,196$209,087$47,907$614,202
5$914,756$219,541$50,302$644,912
6$960,493$230,518$52,818$677,157
7$1,008,518$242,044$55,458$711,015
8$1,058,944$254,147$58,231$746,566
9$1,111,891$266,854$61,143$783,894
10$1,167,486$280,197$64,200$823,089
11$1,225,860$294,206$67,410$864,244
12$1,287,153$308,917$70,781$907,456
13$1,351,511$324,363$74,320$952,829
14$1,419,086$340,581$78,036$1,000,470
15$1,490,041$357,610$81,937$1,050,494
16$1,564,543$375,490$86,034$1,103,018
17$1,642,770$394,265$90,336$1,158,169
18$1,724,908$413,978$94,853$1,216,078
19$1,811,154$434,677$99,595$1,276,881
20$1,901,711$456,411$104,575$1,340,726
21$1,996,797$479,231$109,804$1,407,762
22$2,096,637$503,193$115,294$1,478,150
23$2,201,469$528,352$121,059$1,552,057
24$2,311,542$554,770$127,112$1,629,660
25$2,427,119$582,509$133,467$1,711,143
26$2,548,475$611,634$140,141$1,796,700
27$2,675,899$642,216$147,148$1,886,535
28$2,809,694$674,327$154,505$1,980,862
29$2,950,178$708,043$162,230$2,079,905
30$3,097,687$743,445$170,342$2,183,901
Total$50,000,000$12,000,000$2,749,500$35,250,500
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