The jackpot for the Powerball draw on Mon May 20, 2024, is projected to be $88 Million, with an option for a cash payout of $41.4 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 Mon May 20, 2024 |
|---|
| Draw Date | Mon May 20, 2024 | | Projected Jackpot | $88,000,000 | | Cash Value | $41,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,400,000 | | Federal Tax(24%) | $9,936,000 | | Additional Federal Tax | $5,342,330 | | State Tax(4.75%) | $1,966,500 | | Net Lumpsum Payment | $24,155,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$62,913 |
$811,184 |
| 2 |
$1,390,752 |
$474,909
$66,061 |
$849,782 |
| 3 |
$1,460,272 |
$500,631
$69,363 |
$890,278 |
| 4 |
$1,533,312 |
$527,656
$72,832 |
$932,824 |
| 5 |
$1,609,960 |
$556,016
$76,473 |
$977,471 |
| 6 |
$1,690,480 |
$585,808
$80,298 |
$1,024,374 |
| 7 |
$1,774,960 |
$617,066
$84,311 |
$1,073,583 |
| 8 |
$1,863,752 |
$649,919
$88,528 |
$1,125,305 |
| 9 |
$1,956,944 |
$684,400
$92,955 |
$1,179,589 |
| 10 |
$2,054,800 |
$720,606
$97,603 |
$1,236,591 |
| 11 |
$2,157,496 |
$758,604
$102,481 |
$1,296,411 |
| 12 |
$2,265,384 |
$798,522
$107,606 |
$1,359,256 |
| 13 |
$2,378,640 |
$840,427
$112,985 |
$1,425,228 |
| 14 |
$2,497,616 |
$884,448
$118,637 |
$1,494,531 |
| 15 |
$2,622,488 |
$930,651
$124,568 |
$1,567,269 |
| 16 |
$2,753,608 |
$979,165
$130,796 |
$1,643,647 |
| 17 |
$2,891,240 |
$1,030,089
$137,334 |
$1,723,817 |
| 18 |
$3,035,824 |
$1,083,585
$144,202 |
$1,808,037 |
| 19 |
$3,187,624 |
$1,139,751
$151,412 |
$1,896,461 |
| 20 |
$3,346,992 |
$1,198,717
$158,982 |
$1,989,293 |
| 21 |
$3,514,368 |
$1,260,647
$166,932 |
$2,086,789 |
| 22 |
$3,690,104 |
$1,325,669
$175,280 |
$2,189,155 |
| 23 |
$3,874,552 |
$1,393,915
$184,041 |
$2,296,596 |
| 24 |
$4,068,328 |
$1,465,612
$193,246 |
$2,409,470 |
| 25 |
$4,271,696 |
$1,540,858
$202,906 |
$2,527,932 |
| 26 |
$4,485,360 |
$1,619,914
$213,055 |
$2,652,391 |
| 27 |
$4,709,584 |
$1,702,876
$223,705 |
$2,783,003 |
| 28 |
$4,945,072 |
$1,790,007
$234,891 |
$2,920,174 |
| 29 |
$5,192,352 |
$1,881,501
$246,637 |
$3,064,214 |
| 30 |
$5,451,952 |
$1,977,553
$258,968 |
$3,215,431 |
|
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