North Carolina Lottery

NCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 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 Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(4.75%)	$4,707,250
Net Lumpsum Payment	$57,765,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$139,410	$1,749,275
2	$3,081,780	-$1,100,589 -$146,385	$1,834,806
3	$3,235,830	-$1,157,587 -$153,702	$1,924,541
4	$3,397,680	-$1,217,472 -$161,390	$2,018,818
5	$3,567,525	-$1,280,315 -$169,457	$2,117,753
6	$3,745,950	-$1,346,332 -$177,933	$2,221,685
7	$3,933,150	-$1,415,596 -$186,825	$2,330,729
8	$4,129,905	-$1,488,395 -$196,170	$2,445,340
9	$4,336,410	-$1,564,802 -$205,979	$2,565,629
10	$4,553,250	-$1,645,033 -$216,279	$2,691,938
11	$4,780,815	-$1,729,232 -$227,089	$2,824,494
12	$5,019,885	-$1,817,688 -$238,445	$2,963,752
13	$5,270,850	-$1,910,545 -$250,365	$3,109,940
14	$5,534,490	-$2,008,092 -$262,888	$3,263,510
15	$5,811,195	-$2,110,473 -$276,032	$3,424,690
16	$6,101,745	-$2,217,976 -$289,833	$3,593,936
17	$6,406,725	-$2,330,819 -$304,319	$3,771,587
18	$6,727,110	-$2,449,361 -$319,538	$3,958,211
19	$7,063,485	-$2,573,820 -$335,516	$4,154,149
20	$7,416,630	-$2,704,483 -$352,290	$4,359,857
21	$7,787,520	-$2,841,713 -$369,907	$4,575,900
22	$8,176,935	-$2,985,796 -$388,404	$4,802,735
23	$8,585,655	-$3,137,023 -$407,819	$5,040,813
24	$9,015,045	-$3,295,897 -$428,215	$5,290,933
25	$9,465,690	-$3,462,636 -$449,620	$5,553,434
26	$9,939,150	-$3,637,816 -$472,110	$5,829,224
27	$10,436,010	-$3,821,654 -$495,710	$6,118,646
28	$10,957,830	-$4,014,727 -$520,497	$6,422,606
29	$11,505,780	-$4,217,469 -$546,525	$6,741,786
30	$12,081,030	-$4,430,311 -$573,849	$7,076,870