USA Mega

North Carolina Powerball Jackpot Annuity Payout Schedule for May 22, 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 $12,000,000 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, May 22, 2002
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$213,961$46,154$9,628$158,179
2$222,520$48,893$10,013$163,613
3$231,420$51,741$10,414$169,265
4$240,677$54,703$10,830$175,144
5$250,304$57,981$11,264$181,059
6$260,317$61,486$11,714$187,117
7$270,729$65,130$12,183$193,416
8$281,558$68,920$12,670$199,968
9$292,821$72,862$13,177$206,782
10$304,533$76,961$13,704$213,868
11$316,715$81,225$14,252$221,238
12$329,383$85,659$14,822$228,902
13$342,559$90,270$15,415$236,873
14$356,261$95,066$16,032$245,163
15$370,512$100,054$16,673$253,785
16$385,332$105,241$17,340$262,751
17$400,745$110,636$18,034$272,076
18$416,775$116,246$18,755$281,774
19$433,446$122,081$19,505$291,860
20$450,784$128,149$20,285$302,350
21$468,815$134,460$21,097$313,259
22$487,568$141,024$21,941$324,604
23$507,071$147,849$22,818$336,403
24$527,353$154,948$23,731$348,674
25$548,448$162,331$24,680$361,436
26$570,386$170,010$25,667$374,708
27$593,201$177,995$26,694$388,512
28$616,929$186,451$27,762$402,716
29$641,606$195,582$28,872$417,152
30$667,270$205,078$30,027$432,165
Total$12,000,000$3,315,186$539,999$8,144,812

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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.