Jackpot Analysis North Carolina Powerball

Jackpot Analysis for North Carolina Powerball
The jackpot for the Powerball draw on Sat Nov 2, 2024, is projected to be $54 Million, with an option for a cash payout of $25.8 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 Nov 2, 2024
Draw DateSat Nov 2, 2024
Projected Jackpot$54,000,000
Cash Value$25,800,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$25,800,000
Federal Tax(24%)$6,192,000
Additional Federal Tax$3,314,330
State Tax(4.75%)$1,225,500
Net Lumpsum Payment$15,068,170
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $812,754 $261,049
$38,606
$513,099
2 $853,416 $276,094
$40,537
$536,785
3 $896,076 $291,879
$42,564
$561,633
4 $940,896 $308,462
$44,693
$587,741
5 $987,930 $325,864
$46,927
$615,139
6 $1,037,340 $344,146
$49,274
$643,920
7 $1,089,180 $363,327
$51,736
$674,117
8 $1,143,666 $383,487
$54,324
$705,855
9 $1,200,852 $404,646
$57,040
$739,166
10 $1,260,900 $426,863
$59,893
$774,144
11 $1,323,918 $450,180
$62,886
$810,852
12 $1,390,122 $474,676
$66,031
$849,415
13 $1,459,620 $500,390
$69,332
$889,898
14 $1,532,628 $527,403
$72,800
$932,425
15 $1,609,254 $555,754
$76,440
$977,060
16 $1,689,714 $585,525
$80,261
$1,023,928
17 $1,774,170 $616,773
$84,273
$1,073,124
18 $1,862,892 $649,600
$88,487
$1,124,805
19 $1,956,042 $684,066
$92,912
$1,179,064
20 $2,053,836 $720,250
$97,557
$1,236,029
21 $2,156,544 $758,252
$102,436
$1,295,856
22 $2,264,382 $798,152
$107,558
$1,358,672
23 $2,377,566 $840,030
$112,934
$1,424,602
24 $2,496,474 $884,026
$118,583
$1,493,865
25 $2,621,268 $930,200
$124,510
$1,566,558
26 $2,752,380 $978,711
$130,738
$1,642,931
27 $2,889,972 $1,029,620
$137,274
$1,723,078
28 $3,034,476 $1,083,087
$144,138
$1,807,251
29 $3,186,216 $1,139,230
$151,345
$1,895,641
30 $3,345,516 $1,198,171
$158,912
$1,988,433