USA Mega

North Carolina Powerball Jackpot Annuity Payout Schedule for Feb 20, 2002

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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 $32,000,000 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:Wed, Feb 20, 2002
Jackpot:$32,000,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$570,563$170,072$25,675$374,816
2$593,386$178,060$26,702$388,624
3$617,121$186,523$27,770$402,828
4$641,806$195,656$28,881$417,269
5$667,478$205,155$30,037$432,287
6$694,177$215,033$31,238$447,906
7$721,944$225,307$32,487$464,150
8$750,822$235,992$33,787$481,043
9$780,855$247,104$35,138$498,612
10$812,089$258,661$36,544$516,884
11$844,573$270,680$38,006$535,887
12$878,356$283,179$39,526$555,650
13$913,490$296,179$41,107$576,204
14$950,030$309,699$42,751$597,580
15$988,031$323,759$44,461$619,810
16$1,027,552$338,382$46,240$642,930
17$1,068,654$353,590$48,089$666,975
18$1,111,400$369,406$50,013$691,981
19$1,155,856$385,855$52,014$717,988
20$1,202,091$402,961$54,094$745,035
21$1,250,174$420,752$56,258$773,164
22$1,300,181$439,255$58,508$802,418
23$1,352,188$458,497$60,848$832,842
24$1,406,276$478,510$63,282$864,484
25$1,462,527$499,323$65,814$897,391
26$1,521,028$520,968$68,446$931,614
27$1,581,869$543,479$71,184$967,206
28$1,645,144$566,891$74,031$1,004,221
29$1,710,950$591,239$76,993$1,042,718
30$1,779,388$616,561$80,072$1,082,754
Total$32,000,000$10,586,728$1,439,996$19,973,271

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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.