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North Carolina Powerball Jackpot Annuity Payout Schedule for Dec 20, 2008

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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 $54,700,000 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, Dec 20, 2008
Jackpot:$54,700,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$975,306$319,051$43,889$612,367
2$1,014,319$333,486$45,644$635,189
3$1,054,891$348,498$47,470$658,924
4$1,097,087$364,110$49,369$683,608
5$1,140,971$380,347$51,344$709,280
6$1,186,609$397,233$53,397$735,979
7$1,234,074$414,795$55,533$763,745
8$1,283,437$433,059$57,755$792,623
9$1,334,774$452,054$60,065$822,655
10$1,388,165$471,809$62,467$853,889
11$1,443,692$492,354$64,966$886,372
12$1,501,439$513,720$67,565$920,154
13$1,561,497$535,942$70,267$955,288
14$1,623,957$559,052$73,078$991,827
15$1,688,915$583,086$76,001$1,029,828
16$1,756,472$608,082$79,041$1,069,348
17$1,826,731$634,078$82,203$1,110,450
18$1,899,800$661,114$85,491$1,153,195
19$1,975,792$689,231$88,911$1,197,650
20$2,054,824$718,472$92,467$1,243,884
21$2,137,016$748,884$96,166$1,291,967
22$2,222,497$780,512$100,012$1,341,973
23$2,311,397$813,405$104,013$1,393,980
24$2,403,853$847,613$108,173$1,448,066
25$2,500,007$883,190$112,500$1,504,316
26$2,600,007$920,190$117,000$1,562,817
27$2,704,008$958,671$121,680$1,623,657
28$2,812,168$998,690$126,548$1,686,930
29$2,924,655$1,040,310$131,609$1,752,735
30$3,041,641$1,083,595$136,874$1,821,172
Total$54,700,000$18,984,633$2,461,498$33,253,868

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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.