North Carolina Lottery

NCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of North Carolina, your state will take 4.75% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

North Carolina Powerball Jackpot/Cash Option for Sat Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(4.75%)	$5,590,750
Net Lumpsum Payment	$68,599,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$188,025	$2,345,445
2	$4,156,452	-$1,498,218 -$197,431	$2,460,803
3	$4,364,222	-$1,575,093 -$207,301	$2,581,828
4	$4,582,512	-$1,655,860 -$217,669	$2,708,983
5	$4,811,585	-$1,740,617 -$228,550	$2,842,418
6	$5,052,230	-$1,829,655 -$239,981	$2,982,594
7	$5,304,710	-$1,923,073 -$251,974	$3,129,663
8	$5,570,077	-$2,021,259 -$264,579	$3,284,239
9	$5,848,594	-$2,124,310 -$277,808	$3,446,476
10	$6,141,050	-$2,232,519 -$291,700	$3,616,831
11	$6,447,971	-$2,346,080 -$306,279	$3,795,612
12	$6,770,409	-$2,465,382 -$321,594	$3,983,433
13	$7,108,890	-$2,590,620 -$337,672	$4,180,598
14	$7,464,466	-$2,722,183 -$354,562	$4,387,721
15	$7,837,663	-$2,860,266 -$372,289	$4,605,108
16	$8,229,533	-$3,005,258 -$390,903	$4,833,372
17	$8,640,865	-$3,157,450 -$410,441	$5,072,974
18	$9,072,974	-$3,317,331 -$430,966	$5,324,677
19	$9,526,649	-$3,485,191 -$452,516	$5,588,942
20	$10,002,942	-$3,661,419 -$475,140	$5,866,383
21	$10,503,168	-$3,846,503 -$498,900	$6,157,765
22	$11,028,379	-$4,040,831 -$523,848	$6,463,700
23	$11,579,627	-$4,244,792 -$550,032	$6,784,803
24	$12,158,753	-$4,459,069 -$577,541	$7,122,143
25	$12,766,546	-$4,683,952 -$606,411	$7,476,183
26	$13,405,110	-$4,920,221 -$636,743	$7,848,146
27	$14,075,234	-$5,168,167 -$668,574	$8,238,493
28	$14,779,022	-$5,428,569 -$702,004	$8,648,449
29	$15,518,052	-$5,702,010 -$737,107	$9,078,935
30	$16,293,902	-$5,989,074 -$773,960	$9,530,868