USA Mega

North Carolina Powerball Jackpot Annuity Payout Schedule for Nov 21, 2022

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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 $20,000,000 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:Mon, Nov 21, 2022
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 4.5%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,735$13,546$211,748
2$316,080$81,003$14,224$220,854
3$331,884$86,534$14,935$230,415
4$348,478$92,342$15,682$240,455
5$365,902$98,441$16,466$250,996
6$384,197$104,844$17,289$262,065
7$403,407$111,567$18,153$273,687
8$423,578$118,627$19,061$285,890
9$444,757$126,040$20,014$298,703
10$466,994$133,823$21,015$312,157
11$490,344$141,995$22,065$326,283
12$514,861$150,576$23,169$341,116
13$540,604$159,586$24,327$356,691
14$567,635$169,047$25,544$373,044
15$596,016$178,980$26,821$390,215
16$625,817$189,740$28,162$407,915
17$657,108$201,318$29,570$426,220
18$689,963$213,474$31,048$445,441
19$724,461$226,238$32,601$465,622
20$760,685$239,641$34,231$486,813
21$798,719$253,714$35,942$509,063
22$838,655$268,490$37,739$532,425
23$880,587$284,005$39,626$556,956
24$924,617$300,296$41,608$582,713
25$970,848$317,401$43,688$609,758
26$1,019,390$335,362$45,873$638,155
27$1,070,360$354,221$48,166$667,973
28$1,123,878$374,022$50,574$699,281
29$1,180,071$394,814$53,103$732,154
30$1,239,075$416,645$55,758$766,671
Total$20,000,000$6,198,521$900,000$12,901,479

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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.