The jackpot for the Powerball draw on Wed Jan 29, 2025, is projected to be $69 Million, with an option for a cash payout of $30.7 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 Wed Jan 29, 2025 |
|---|
| Draw Date | Wed Jan 29, 2025 | | Projected Jackpot | $69,000,000 | | Cash Value | $30,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $30,700,000 | | Federal Tax(24%) | $7,368,000 | | Additional Federal Tax | $3,951,330 | | State Tax(4.75%) | $1,458,250 | | Net Lumpsum Payment | $17,922,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$49,330 |
$644,607 |
| 2 |
$1,090,476 |
$363,807
$51,798 |
$674,871 |
| 3 |
$1,144,986 |
$383,975
$54,387 |
$706,624 |
| 4 |
$1,202,256 |
$405,165
$57,107 |
$739,984 |
| 5 |
$1,262,355 |
$427,402
$59,962 |
$774,991 |
| 6 |
$1,325,490 |
$450,762
$62,961 |
$811,767 |
| 7 |
$1,391,730 |
$475,270
$66,107 |
$850,353 |
| 8 |
$1,461,351 |
$501,030
$69,414 |
$890,907 |
| 9 |
$1,534,422 |
$528,067
$72,885 |
$933,470 |
| 10 |
$1,611,150 |
$556,456
$76,530 |
$978,164 |
| 11 |
$1,691,673 |
$586,249
$80,354 |
$1,025,070 |
| 12 |
$1,776,267 |
$617,549
$84,373 |
$1,074,345 |
| 13 |
$1,865,070 |
$650,406
$88,591 |
$1,126,073 |
| 14 |
$1,958,358 |
$684,923
$93,022 |
$1,180,413 |
| 15 |
$2,056,269 |
$721,150
$97,673 |
$1,237,446 |
| 16 |
$2,159,079 |
$759,190
$102,556 |
$1,297,333 |
| 17 |
$2,266,995 |
$799,119
$107,682 |
$1,360,194 |
| 18 |
$2,380,362 |
$841,064
$113,067 |
$1,426,231 |
| 19 |
$2,499,387 |
$885,104
$118,721 |
$1,495,562 |
| 20 |
$2,624,346 |
$931,338
$124,656 |
$1,568,352 |
| 21 |
$2,755,584 |
$979,896
$130,890 |
$1,644,798 |
| 22 |
$2,893,377 |
$1,030,880
$137,435 |
$1,725,062 |
| 23 |
$3,038,001 |
$1,084,391
$144,305 |
$1,809,305 |
| 24 |
$3,189,939 |
$1,140,608
$151,522 |
$1,897,809 |
| 25 |
$3,349,398 |
$1,199,608
$159,096 |
$1,990,694 |
| 26 |
$3,516,930 |
$1,261,594
$167,054 |
$2,088,282 |
| 27 |
$3,692,742 |
$1,326,645
$175,405 |
$2,190,692 |
| 28 |
$3,877,386 |
$1,394,963
$184,176 |
$2,298,247 |
| 29 |
$4,071,276 |
$1,466,703
$193,386 |
$2,411,187 |
| 30 |
$4,274,826 |
$1,542,016
$203,054 |
$2,529,756 |
|
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