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Powerball Annuity Jackpot Analysis for North Carolina (Apr. 20, 2019 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 $136,000,000 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:  Apr. 20, 2019
Jackpot:$136,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,046,995$491,279$112,564$1,443,152
2$2,149,345$515,843$118,192$1,515,310
3$2,256,812$541,635$124,102$1,591,075
4$2,369,653$568,717$130,307$1,670,629
5$2,488,135$597,152$136,823$1,754,160
6$2,612,542$627,010$143,664$1,841,868
7$2,743,169$658,361$150,847$1,933,962
8$2,880,328$691,279$158,389$2,030,660
9$3,024,344$725,843$166,309$2,132,193
10$3,175,561$762,135$174,624$2,238,803
11$3,334,339$800,241$183,355$2,350,743
12$3,501,056$840,254$192,523$2,468,280
13$3,676,109$882,266$202,149$2,591,694
14$3,859,915$926,380$212,257$2,721,278
15$4,052,910$972,699$222,870$2,857,342
16$4,255,556$1,021,333$234,013$3,000,210
17$4,468,334$1,072,400$245,714$3,150,220
18$4,691,750$1,126,020$257,999$3,307,731
19$4,926,338$1,182,321$270,899$3,473,118
20$5,172,655$1,241,437$284,444$3,646,773
21$5,431,288$1,303,509$298,667$3,829,112
22$5,702,852$1,368,684$313,600$4,020,568
23$5,987,995$1,437,119$329,280$4,221,596
24$6,287,394$1,508,975$345,744$4,432,676
25$6,601,764$1,584,423$363,031$4,654,310
26$6,931,852$1,663,645$381,183$4,887,025
27$7,278,445$1,746,827$400,242$5,131,376
28$7,642,367$1,834,168$420,254$5,387,945
29$8,024,485$1,925,876$441,266$5,657,342
30$8,425,710$2,022,170$463,330$5,940,210
Total$136,000,000$32,640,000$7,478,640$95,881,360
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