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Powerball Annuity Jackpot Analysis for North Carolina (Nov. 7, 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 $71,000,000 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. 7, 2018
Jackpot:$71,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,068,652$256,476$58,765$753,410
2$1,122,084$269,300$61,703$791,081
3$1,178,189$282,765$64,789$830,635
4$1,237,098$296,904$68,028$872,167
5$1,298,953$311,749$71,429$915,775
6$1,363,901$327,336$75,001$961,564
7$1,432,096$343,703$78,751$1,009,642
8$1,503,701$360,888$82,688$1,060,124
9$1,578,886$378,933$86,823$1,113,130
10$1,657,830$397,879$91,164$1,168,787
11$1,740,721$417,773$95,722$1,227,226
12$1,827,757$438,662$100,508$1,288,587
13$1,919,145$460,595$105,534$1,353,017
14$2,015,103$483,625$110,810$1,420,667
15$2,115,858$507,806$116,351$1,491,701
16$2,221,651$533,196$122,169$1,566,286
17$2,332,733$559,856$128,277$1,644,600
18$2,449,370$587,849$134,691$1,726,830
19$2,571,838$617,241$141,425$1,813,172
20$2,700,430$648,103$148,497$1,903,830
21$2,835,452$680,508$155,921$1,999,022
22$2,977,224$714,534$163,718$2,098,973
23$3,126,085$750,260$171,903$2,203,921
24$3,282,390$787,774$180,499$2,314,118
25$3,446,509$827,162$189,524$2,429,823
26$3,618,835$868,520$199,000$2,551,315
27$3,799,776$911,946$208,950$2,678,880
28$3,989,765$957,544$219,397$2,812,824
29$4,189,253$1,005,421$230,367$2,953,466
30$4,398,716$1,055,692$241,885$3,101,139
Total$71,000,000$17,040,000$3,904,290$50,055,710
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