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 Date | Sat 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 |
|
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