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Powerball Annuity Jackpot Analysis for North Carolina (Jan. 5, 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 $69,000,000 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. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$57,110$732,187
2$1,090,476$261,714$59,965$768,797
3$1,145,000$274,800$62,964$807,237
4$1,202,250$288,540$66,112$847,599
5$1,262,363$302,967$69,417$889,978
6$1,325,481$318,115$72,888$934,477
7$1,391,755$334,021$76,533$981,201
8$1,461,343$350,722$80,359$1,030,261
9$1,534,410$368,258$84,377$1,081,774
10$1,611,130$386,671$88,596$1,135,863
11$1,691,687$406,005$93,026$1,192,656
12$1,776,271$426,305$97,677$1,252,289
13$1,865,085$447,620$102,561$1,314,903
14$1,958,339$470,001$107,689$1,380,649
15$2,056,256$493,501$113,074$1,449,681
16$2,159,069$518,177$118,727$1,522,165
17$2,267,022$544,085$124,664$1,598,273
18$2,380,373$571,290$130,897$1,678,187
19$2,499,392$599,854$137,442$1,762,096
20$2,624,362$629,847$144,314$1,850,201
21$2,755,580$661,339$151,529$1,942,711
22$2,893,359$694,406$159,106$2,039,847
23$3,038,027$729,126$167,061$2,141,839
24$3,189,928$765,583$175,414$2,248,931
25$3,349,424$803,862$184,185$2,361,378
26$3,516,896$844,055$193,394$2,479,447
27$3,692,740$886,258$203,064$2,603,419
28$3,877,377$930,571$213,217$2,733,590
29$4,071,246$977,099$223,878$2,870,269
30$4,274,809$1,025,954$235,072$3,013,783
Total$69,000,000$16,560,000$3,794,310$48,645,690
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