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Powerball Annuity Jackpot Analysis for North Carolina (Oct. 20, 2018 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 $476,700,000 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:  Oct. 20, 2018
Jackpot:$476,700,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,175,019$1,722,005$394,554$5,058,460
2$7,533,770$1,808,105$414,282$5,311,383
3$7,910,458$1,898,510$434,996$5,576,952
4$8,305,982$1,993,436$456,746$5,855,800
5$8,721,280$2,093,107$479,583$6,148,590
6$9,157,345$2,197,763$503,562$6,456,019
7$9,615,212$2,307,651$528,741$6,778,821
8$10,095,973$2,423,033$555,178$7,117,762
9$10,600,771$2,544,185$582,936$7,473,650
10$11,130,810$2,671,394$612,083$7,847,332
11$11,687,350$2,804,964$642,687$8,239,699
12$12,271,718$2,945,212$674,822$8,651,684
13$12,885,303$3,092,473$708,563$9,084,268
14$13,529,569$3,247,097$743,991$9,538,481
15$14,206,047$3,409,451$781,191$10,015,405
16$14,916,350$3,579,924$820,250$10,516,176
17$15,662,167$3,758,920$861,263$11,041,984
18$16,445,275$3,946,866$904,326$11,594,084
19$17,267,539$4,144,209$949,542$12,173,788
20$18,130,916$4,351,420$997,019$12,782,477
21$19,037,462$4,568,991$1,046,870$13,421,601
22$19,989,335$4,797,440$1,099,214$14,092,681
23$20,988,802$5,037,312$1,154,174$14,797,315
24$22,038,241$5,289,178$1,211,883$15,537,181
25$23,140,153$5,553,637$1,272,477$16,314,040
26$24,297,162$5,831,319$1,336,101$17,129,742
27$25,512,020$6,122,885$1,402,906$17,986,229
28$26,787,620$6,429,029$1,473,051$18,885,540
29$28,127,001$6,750,480$1,546,704$19,829,817
30$29,533,352$7,088,004$1,624,039$20,821,308
Total$476,700,001$114,408,000$26,213,733$336,078,268
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