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Powerball Annuity Jackpot Analysis for North Carolina (Jan. 16, 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 $112,000,000 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. 16, 2019
Jackpot:$112,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,685,761$404,583$92,700$1,188,478
2$1,770,049$424,812$97,335$1,247,902
3$1,858,551$446,052$102,202$1,310,297
4$1,951,479$468,355$107,312$1,375,812
5$2,049,053$491,773$112,677$1,444,603
6$2,151,505$516,361$118,311$1,516,833
7$2,259,081$542,179$124,227$1,592,674
8$2,372,035$569,288$130,438$1,672,308
9$2,490,636$597,753$136,960$1,755,924
10$2,615,168$627,640$143,808$1,843,720
11$2,745,927$659,022$150,999$1,935,906
12$2,883,223$691,974$158,548$2,032,701
13$3,027,384$726,572$166,476$2,134,336
14$3,178,753$762,901$174,800$2,241,053
15$3,337,691$801,046$183,540$2,353,105
16$3,504,576$841,098$192,717$2,470,761
17$3,679,804$883,153$202,352$2,594,299
18$3,863,794$927,311$212,470$2,724,014
19$4,056,984$973,676$223,094$2,860,214
20$4,259,833$1,022,360$234,248$3,003,225
21$4,472,825$1,073,478$245,961$3,153,386
22$4,696,466$1,127,152$258,259$3,311,056
23$4,931,290$1,183,510$271,172$3,476,609
24$5,177,854$1,242,685$284,730$3,650,439
25$5,436,747$1,304,819$298,967$3,832,961
26$5,708,584$1,370,060$313,915$4,024,609
27$5,994,013$1,438,563$329,611$4,225,839
28$6,293,714$1,510,491$346,091$4,437,131
29$6,608,400$1,586,016$363,396$4,658,988
30$6,938,820$1,665,317$381,566$4,891,937
Total$112,000,000$26,880,000$6,158,880$78,961,120
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