USA Mega

North Carolina Powerball Jackpot Annuity Payout Schedule for Jul 17, 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 $35,000,000 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, Jul 17, 2002
Jackpot:$35,000,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$624,053$189,088$28,082$406,884
2$649,016$198,324$29,206$421,486
3$674,976$207,929$30,374$436,673
4$701,975$217,919$31,589$452,468
5$730,054$228,308$32,852$468,894
6$759,256$239,113$34,167$485,977
7$789,627$250,350$35,533$503,744
8$821,212$262,036$36,955$522,221
9$854,060$274,190$38,433$541,438
10$888,223$286,830$39,970$561,423
11$923,752$299,976$41,569$582,207
12$960,702$313,647$43,232$603,823
13$999,130$327,866$44,961$626,303
14$1,039,095$342,653$46,759$649,683
15$1,080,659$358,031$48,630$673,998
16$1,123,885$374,025$50,575$699,285
17$1,168,840$390,659$52,598$725,584
18$1,215,594$407,958$54,702$752,935
19$1,264,218$425,948$56,890$781,380
20$1,314,787$444,659$59,165$810,962
21$1,367,378$464,118$61,532$841,728
22$1,422,073$484,355$63,993$873,725
23$1,478,956$505,401$66,553$907,002
24$1,538,114$527,290$69,215$941,609
25$1,599,639$550,054$71,984$977,601
26$1,663,624$573,729$74,863$1,015,033
27$1,730,169$598,350$77,858$1,053,961
28$1,799,376$623,957$80,972$1,094,447
29$1,871,351$650,588$84,211$1,136,553
30$1,946,205$678,284$87,579$1,180,342
Total$35,000,000$11,695,635$1,575,002$21,729,369

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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.