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Powerball Annuity Jackpot Analysis for North Carolina (Dec. 15, 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 $246,000,000 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:  Dec. 15, 2018
Jackpot:$246,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,702,653$888,637$203,609$2,610,407
2$3,887,786$933,069$213,789$2,740,928
3$4,082,175$979,722$224,479$2,877,974
4$4,286,284$1,028,708$235,703$3,021,873
5$4,500,598$1,080,143$247,488$3,172,966
6$4,725,628$1,134,151$259,862$3,331,615
7$4,961,909$1,190,858$272,855$3,498,196
8$5,210,005$1,250,401$286,498$3,673,105
9$5,470,505$1,312,921$300,823$3,856,761
10$5,744,030$1,378,567$315,864$4,049,599
11$6,031,232$1,447,496$331,657$4,252,079
12$6,332,793$1,519,870$348,240$4,464,683
13$6,649,433$1,595,864$365,652$4,687,917
14$6,981,905$1,675,657$383,935$4,922,313
15$7,331,000$1,759,440$403,132$5,168,428
16$7,697,550$1,847,412$423,288$5,426,850
17$8,082,427$1,939,783$444,453$5,698,192
18$8,486,549$2,036,772$466,675$5,983,102
19$8,910,876$2,138,610$490,009$6,282,257
20$9,356,420$2,245,541$514,510$6,596,370
21$9,824,241$2,357,818$540,235$6,926,188
22$10,315,453$2,475,709$567,247$7,272,497
23$10,831,226$2,599,494$595,609$7,636,122
24$11,372,787$2,729,469$625,390$8,017,928
25$11,941,426$2,865,942$656,659$8,418,825
26$12,538,497$3,009,239$689,492$8,839,766
27$13,165,422$3,159,701$723,967$9,281,754
28$13,823,693$3,317,686$760,165$9,745,842
29$14,514,878$3,483,571$798,173$10,233,134
30$15,240,622$3,657,749$838,082$10,744,791
Total$246,000,000$59,040,000$13,527,540$173,432,460
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