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Powerball Annuity Jackpot Analysis for North Carolina (Aug. 29, 2020 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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$38,901$498,736
2$742,788$178,269$40,846$523,673
3$779,928$187,183$42,888$549,857
4$818,924$196,542$45,033$577,350
5$859,870$206,369$47,284$606,217
6$902,864$216,687$49,648$636,528
7$948,007$227,522$52,131$668,354
8$995,407$238,898$54,737$701,772
9$1,045,178$250,843$57,474$736,861
10$1,097,437$263,385$60,348$773,704
11$1,152,308$276,554$63,365$812,389
12$1,209,924$290,382$66,534$853,008
13$1,270,420$304,901$69,860$895,659
14$1,333,941$320,146$73,353$940,442
15$1,400,638$336,153$77,021$987,464
16$1,470,670$352,961$80,872$1,036,837
17$1,544,204$370,609$84,916$1,088,679
18$1,621,414$389,139$89,162$1,143,113
19$1,702,484$408,596$93,620$1,200,269
20$1,787,609$429,026$98,301$1,260,282
21$1,876,989$450,477$103,216$1,323,296
22$1,970,839$473,001$108,376$1,389,461
23$2,069,380$496,651$113,795$1,458,934
24$2,172,849$521,484$119,485$1,531,881
25$2,281,492$547,558$125,459$1,608,475
26$2,395,567$574,936$131,732$1,688,898
27$2,515,345$603,683$138,319$1,773,343
28$2,641,112$633,867$145,235$1,862,010
29$2,773,168$665,560$152,496$1,955,111
30$2,911,826$698,838$160,121$2,052,867
Total$47,000,000$11,280,000$2,584,530$33,135,470
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