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Powerball Annuity Jackpot Analysis for North Carolina (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$79,457$1,018,696
2$1,517,185$364,124$83,430$1,069,630
3$1,593,044$382,331$87,601$1,123,112
4$1,672,696$401,447$91,982$1,179,267
5$1,756,331$421,519$96,581$1,238,231
6$1,844,147$442,595$101,410$1,300,142
7$1,936,355$464,725$106,480$1,365,150
8$2,033,173$487,961$111,804$1,433,407
9$2,134,831$512,359$117,394$1,505,077
10$2,241,573$537,977$123,264$1,580,331
11$2,353,651$564,876$129,427$1,659,348
12$2,471,334$593,120$135,899$1,742,315
13$2,594,901$622,776$142,694$1,829,431
14$2,724,646$653,915$149,828$1,920,902
15$2,860,878$686,611$157,320$2,016,948
16$3,003,922$720,941$165,186$2,117,795
17$3,154,118$756,988$173,445$2,223,685
18$3,311,824$794,838$182,117$2,334,869
19$3,477,415$834,580$191,223$2,451,612
20$3,651,286$876,309$200,784$2,574,193
21$3,833,850$920,124$210,823$2,702,903
22$4,025,543$966,130$221,365$2,838,048
23$4,226,820$1,014,437$232,433$2,979,950
24$4,438,161$1,065,159$244,054$3,128,948
25$4,660,069$1,118,416$256,257$3,285,395
26$4,893,072$1,174,337$269,070$3,449,665
27$5,137,726$1,233,054$282,524$3,622,148
28$5,394,612$1,294,707$296,650$3,803,255
29$5,664,343$1,359,442$311,482$3,993,418
30$5,947,560$1,427,414$327,056$4,193,089
Total$96,000,000$23,040,000$5,279,040$67,680,960
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