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Powerball Annuity Jackpot Analysis for North Carolina (Oct. 24, 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 $602,500,000 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. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$498,676$6,393,376
2$9,521,914$2,285,259$523,610$6,713,045
3$9,998,010$2,399,522$549,791$7,048,697
4$10,497,911$2,519,499$577,280$7,401,132
5$11,022,806$2,645,473$606,144$7,771,188
6$11,573,946$2,777,747$636,451$8,159,748
7$12,152,644$2,916,634$668,274$8,567,735
8$12,760,276$3,062,466$701,688$8,996,122
9$13,398,290$3,215,589$736,772$9,445,928
10$14,068,204$3,376,369$773,611$9,918,224
11$14,771,614$3,545,187$812,291$10,414,136
12$15,510,195$3,722,447$852,906$10,934,842
13$16,285,705$3,908,569$895,551$11,481,585
14$17,099,990$4,103,998$940,328$12,055,664
15$17,954,989$4,309,197$987,345$12,658,447
16$18,852,739$4,524,657$1,036,712$13,291,369
17$19,795,375$4,750,890$1,088,548$13,955,938
18$20,785,144$4,988,435$1,142,975$14,653,735
19$21,824,401$5,237,856$1,200,124$15,386,421
20$22,915,622$5,499,749$1,260,130$16,155,743
21$24,061,403$5,774,737$1,323,137$16,963,529
22$25,264,473$6,063,473$1,389,293$17,811,706
23$26,527,697$6,366,647$1,458,758$18,702,291
24$27,854,081$6,684,979$1,531,696$19,637,406
25$29,246,785$7,019,228$1,608,281$20,619,276
26$30,709,125$7,370,190$1,688,695$21,650,240
27$32,244,581$7,738,699$1,773,130$22,732,752
28$33,856,810$8,125,634$1,861,786$23,869,389
29$35,549,650$8,531,916$1,954,875$25,062,859
30$37,327,133$8,958,512$2,052,619$26,316,002
Total$602,500,001$144,600,000$33,131,475$424,768,526
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