USA Mega

North Carolina Powerball Jackpot Annuity Payout Schedule for Sep 28, 1996

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $12,700,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

North Carolina

Drawing Date:Sat, Sep 28, 1996
Jackpot:$12,700,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$226,442$50,148$10,190$166,104
2$235,500$53,046$10,597$171,856
3$244,920$56,097$11,021$177,802
4$254,717$59,526$11,462$183,729
5$264,905$63,092$11,921$189,893
6$275,502$66,800$12,398$196,304
7$286,522$70,657$12,893$202,971
8$297,983$74,669$13,409$209,905
9$309,902$78,840$13,946$217,116
10$322,298$83,179$14,503$224,616
11$335,190$87,691$15,084$232,415
12$348,597$92,384$15,687$240,527
13$362,541$97,264$16,314$248,963
14$377,043$102,340$16,967$257,736
15$392,125$107,618$17,646$266,861
16$407,810$113,108$18,351$276,350
17$424,122$118,817$19,085$286,219
18$441,087$124,755$19,849$296,483
19$458,730$130,930$20,643$307,157
20$477,080$137,353$21,469$318,258
21$496,163$144,032$22,327$329,804
22$516,009$150,978$23,220$341,811
23$536,650$158,202$24,149$354,298
24$558,116$165,715$25,115$367,285
25$580,440$173,529$26,120$380,792
26$603,658$181,655$27,165$394,838
27$627,804$190,475$28,251$409,078
28$652,916$199,767$29,381$423,768
29$679,033$209,430$30,556$439,047
30$706,194$219,480$31,779$454,936
Total$12,700,000$3,561,577$571,498$8,566,922

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.