The jackpot for the Powerball draw on Sat Dec 28, 2024, is projected to be $145 Million, with an option for a cash payout of $66.2 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 Dec 28, 2024 |
|---|
| Draw Date | Sat Dec 28, 2024 | | Projected Jackpot | $145,000,000 | | Cash Value | $66,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $66,200,000 | | Federal Tax(24%) | $15,888,000 | | Additional Federal Tax | $8,566,330 | | State Tax(4.75%) | $3,144,500 | | Net Lumpsum Payment | $38,601,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$103,664 |
$1,310,914 |
| 2 |
$2,291,580 |
$808,215
$108,850 |
$1,374,515 |
| 3 |
$2,406,130 |
$850,598
$114,291 |
$1,441,241 |
| 4 |
$2,526,480 |
$895,128
$120,008 |
$1,511,344 |
| 5 |
$2,652,775 |
$941,857
$126,007 |
$1,584,911 |
| 6 |
$2,785,450 |
$990,947
$132,309 |
$1,662,194 |
| 7 |
$2,924,650 |
$1,042,451
$138,921 |
$1,743,278 |
| 8 |
$3,070,955 |
$1,096,584
$145,870 |
$1,828,501 |
| 9 |
$3,224,510 |
$1,153,399
$153,164 |
$1,917,947 |
| 10 |
$3,385,750 |
$1,213,058
$160,823 |
$2,011,869 |
| 11 |
$3,554,965 |
$1,275,667
$168,861 |
$2,110,437 |
| 12 |
$3,732,735 |
$1,341,442
$177,305 |
$2,213,988 |
| 13 |
$3,919,350 |
$1,410,490
$186,169 |
$2,322,691 |
| 14 |
$4,115,390 |
$1,483,025
$195,481 |
$2,436,884 |
| 15 |
$4,321,145 |
$1,559,154
$205,254 |
$2,556,737 |
| 16 |
$4,537,195 |
$1,639,093
$215,517 |
$2,682,585 |
| 17 |
$4,763,975 |
$1,723,001
$226,289 |
$2,814,685 |
| 18 |
$5,002,210 |
$1,811,148
$237,605 |
$2,953,457 |
| 19 |
$5,252,335 |
$1,903,694
$249,486 |
$3,099,155 |
| 20 |
$5,514,930 |
$2,000,854
$261,959 |
$3,252,117 |
| 21 |
$5,790,720 |
$2,102,897
$275,059 |
$3,412,764 |
| 22 |
$6,080,285 |
$2,210,036
$288,814 |
$3,581,435 |
| 23 |
$6,384,205 |
$2,322,486
$303,250 |
$3,758,469 |
| 24 |
$6,703,495 |
$2,440,624
$318,416 |
$3,944,455 |
| 25 |
$7,038,590 |
$2,564,609
$334,333 |
$4,139,648 |
| 26 |
$7,390,650 |
$2,694,871
$351,056 |
$4,344,723 |
| 27 |
$7,760,110 |
$2,831,571
$368,605 |
$4,559,934 |
| 28 |
$8,148,130 |
$2,975,138
$387,036 |
$4,785,956 |
| 29 |
$8,555,580 |
$3,125,895
$406,390 |
$5,023,295 |
| 30 |
$8,983,330 |
$3,284,162
$426,708 |
$5,272,460 |
|
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