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Powerball Annuity Jackpot Analysis for North Carolina (Sep. 23, 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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:5.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$17,384$234,276
2$347,688$83,445$18,254$245,989
3$365,073$87,617$19,166$258,289
4$383,326$91,998$20,125$271,203
5$402,492$96,598$21,131$284,763
6$422,617$101,428$22,187$299,002
7$443,748$106,500$23,297$313,952
8$465,935$111,824$24,462$329,649
9$489,232$117,416$25,685$346,132
10$513,694$123,287$26,969$363,438
11$539,378$129,451$28,317$381,610
12$566,347$135,923$29,733$400,691
13$594,665$142,720$31,220$420,725
14$624,398$149,856$32,781$441,762
15$655,618$157,348$34,420$463,850
16$688,399$165,216$36,141$487,042
17$722,819$173,476$37,948$511,394
18$758,960$182,150$39,845$536,964
19$796,908$191,258$41,838$563,812
20$836,753$200,821$43,930$592,003
21$878,591$210,862$46,126$621,603
22$922,520$221,405$48,432$652,683
23$968,646$232,475$50,854$685,317
24$1,017,078$244,099$53,397$719,583
25$1,067,932$256,304$56,066$755,562
26$1,121,329$269,119$58,870$793,340
27$1,177,395$282,575$61,813$833,007
28$1,236,265$296,704$64,904$874,658
29$1,298,079$311,539$68,149$918,391
30$1,362,982$327,116$71,557$964,310
Total$22,000,000$5,280,000$1,155,000$15,565,000
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