The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For North Carolina residents, the state will deduct 4.75% from your lottery earnings.
| North Carolina Powerball Jackpot/Cash Option for Sat May 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(4.75%) | $798,000 | | Net Lumpsum Payment | $9,825,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$25,737 |
$355,289 |
| 2 |
$568,944 |
$170,840
$27,025 |
$371,079 |
| 3 |
$597,384 |
$181,362
$28,376 |
$387,646 |
| 4 |
$627,264 |
$192,418
$29,795 |
$405,051 |
| 5 |
$658,620 |
$204,020
$31,284 |
$423,316 |
| 6 |
$691,560 |
$216,208
$32,849 |
$442,503 |
| 7 |
$726,120 |
$228,995
$34,491 |
$462,634 |
| 8 |
$762,444 |
$242,435
$36,216 |
$483,793 |
| 9 |
$800,568 |
$256,541
$38,027 |
$506,000 |
| 10 |
$840,600 |
$271,352
$39,929 |
$529,319 |
| 11 |
$882,612 |
$286,897
$41,924 |
$553,791 |
| 12 |
$926,748 |
$303,227
$44,021 |
$579,500 |
| 13 |
$973,080 |
$320,370
$46,221 |
$606,489 |
| 14 |
$1,021,752 |
$338,379
$48,533 |
$634,840 |
| 15 |
$1,072,836 |
$357,280
$50,960 |
$664,596 |
| 16 |
$1,126,476 |
$377,127
$53,508 |
$695,841 |
| 17 |
$1,182,780 |
$397,959
$56,182 |
$728,639 |
| 18 |
$1,241,928 |
$419,844
$58,992 |
$763,092 |
| 19 |
$1,304,028 |
$442,821
$61,941 |
$799,266 |
| 20 |
$1,369,224 |
$466,943
$65,038 |
$837,243 |
| 21 |
$1,437,696 |
$492,278
$68,291 |
$877,127 |
| 22 |
$1,509,588 |
$518,878
$71,705 |
$919,005 |
| 23 |
$1,585,044 |
$546,797
$75,290 |
$962,957 |
| 24 |
$1,664,316 |
$576,127
$79,055 |
$1,009,134 |
| 25 |
$1,747,512 |
$606,910
$83,007 |
$1,057,595 |
| 26 |
$1,834,920 |
$639,251
$87,159 |
$1,108,510 |
| 27 |
$1,926,648 |
$673,190
$91,516 |
$1,161,942 |
| 28 |
$2,022,984 |
$708,834
$96,092 |
$1,218,058 |
| 29 |
$2,124,144 |
$746,264
$100,897 |
$1,276,983 |
| 30 |
$2,230,344 |
$785,558
$105,941 |
$1,338,845 |
|
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