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Powerball Annuity Jackpot Analysis for North Carolina (Nov. 10, 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 $92,000,000 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:  Nov. 10, 2018
Jackpot:$92,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$76,146$976,250
2$1,453,969$348,952$79,954$1,025,062
3$1,526,667$366,400$83,951$1,076,316
4$1,603,000$384,720$88,149$1,130,131
5$1,683,150$403,956$92,556$1,186,638
6$1,767,308$424,154$97,184$1,245,970
7$1,855,673$445,362$102,043$1,308,268
8$1,948,457$467,630$107,146$1,373,682
9$2,045,880$491,011$112,503$1,442,366
10$2,148,174$515,562$118,128$1,514,484
11$2,255,583$541,340$124,034$1,590,208
12$2,368,362$568,407$130,236$1,669,719
13$2,486,780$596,827$136,748$1,753,205
14$2,611,119$626,669$143,585$1,840,865
15$2,741,675$658,002$150,765$1,932,908
16$2,878,758$690,902$158,303$2,029,554
17$3,022,696$725,447$166,218$2,131,031
18$3,173,831$761,719$174,529$2,237,583
19$3,332,523$799,805$183,255$2,349,462
20$3,499,149$839,796$192,418$2,466,935
21$3,674,106$881,786$202,039$2,590,282
22$3,857,812$925,875$212,141$2,719,796
23$4,050,702$972,169$222,748$2,855,786
24$4,253,237$1,020,777$233,886$2,998,575
25$4,465,899$1,071,816$245,580$3,148,504
26$4,689,194$1,125,407$257,859$3,305,929
27$4,923,654$1,181,677$270,752$3,471,225
28$5,169,837$1,240,761$284,289$3,644,786
29$5,428,328$1,302,799$298,504$3,827,026
30$5,699,745$1,367,939$313,429$4,018,377
Total$92,000,000$22,080,000$5,059,080$64,860,920
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