USA Mega

North Carolina Powerball Jackpot Annuity Payout Schedule for Aug 28, 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 $55,300,000 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, Aug 28, 2002
Jackpot:$55,300,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$986,004$323,009$44,370$618,625
2$1,025,445$337,602$46,145$641,697
3$1,066,462$352,779$47,991$665,693
4$1,109,121$368,562$49,910$690,648
5$1,153,486$384,977$51,907$716,601
6$1,199,625$402,049$53,983$743,593
7$1,247,610$419,804$56,142$771,664
8$1,297,515$438,268$58,388$800,858
9$1,349,415$457,471$60,724$831,220
10$1,403,392$477,443$63,153$862,796
11$1,459,527$498,213$65,679$895,636
12$1,517,909$519,814$68,306$929,789
13$1,578,625$542,279$71,038$965,308
14$1,641,770$565,643$73,880$1,002,248
15$1,707,441$589,941$76,835$1,040,665
16$1,775,738$615,211$79,908$1,080,619
17$1,846,768$641,492$83,105$1,122,171
18$1,920,639$668,824$86,429$1,165,386
19$1,997,464$697,249$89,886$1,210,329
20$2,077,363$726,812$93,481$1,257,069
21$2,160,457$757,557$97,221$1,305,680
22$2,246,876$789,532$101,109$1,356,234
23$2,336,751$822,785$105,154$1,408,811
24$2,430,221$857,369$109,360$1,463,491
25$2,527,429$893,337$113,734$1,520,358
26$2,628,527$930,743$118,284$1,579,500
27$2,733,668$969,645$123,015$1,641,008
28$2,843,014$1,010,103$127,936$1,704,976
29$2,956,735$1,052,180$133,053$1,771,502
30$3,075,004$1,095,939$138,375$1,840,690
Total$55,300,000$19,206,632$2,488,501$33,604,865

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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.