The jackpot for the Powerball draw on Wed Jan 15, 2025, is projected to be $303 Million, with an option for a cash payout of $132.8 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 Wed Jan 15, 2025 |
|---|
| Draw Date | Wed Jan 15, 2025 | | Projected Jackpot | $303,000,000 | | Cash Value | $132,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $132,800,000 | | Federal Tax(24%) | $31,872,000 | | Additional Federal Tax | $17,224,330 | | State Tax(4.75%) | $6,308,000 | | Net Lumpsum Payment | $77,395,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,560,453 |
$1,647,698
$216,622 |
$2,696,133 |
| 2 |
$4,788,612 |
$1,732,117
$227,459 |
$2,829,036 |
| 3 |
$5,027,982 |
$1,820,684
$238,829 |
$2,968,469 |
| 4 |
$5,279,472 |
$1,913,735
$250,775 |
$3,114,962 |
| 5 |
$5,543,385 |
$2,011,383
$263,311 |
$3,268,691 |
| 6 |
$5,820,630 |
$2,113,963
$276,480 |
$3,430,187 |
| 7 |
$6,111,510 |
$2,221,589
$290,297 |
$3,599,624 |
| 8 |
$6,417,237 |
$2,334,708
$304,819 |
$3,777,710 |
| 9 |
$6,738,114 |
$2,453,433
$320,060 |
$3,964,621 |
| 10 |
$7,075,050 |
$2,578,099
$336,065 |
$4,160,886 |
| 11 |
$7,428,651 |
$2,708,931
$352,861 |
$4,366,859 |
| 12 |
$7,800,129 |
$2,846,378
$370,506 |
$4,583,245 |
| 13 |
$8,190,090 |
$2,990,664
$389,029 |
$4,810,397 |
| 14 |
$8,599,746 |
$3,142,236
$408,488 |
$5,049,022 |
| 15 |
$9,029,703 |
$3,301,320
$428,911 |
$5,299,472 |
| 16 |
$9,481,173 |
$3,468,364
$450,356 |
$5,562,453 |
| 17 |
$9,955,065 |
$3,643,704
$472,866 |
$5,838,495 |
| 18 |
$10,452,894 |
$3,827,901
$496,512 |
$6,128,481 |
| 19 |
$10,975,569 |
$4,021,291
$521,340 |
$6,432,938 |
| 20 |
$11,524,302 |
$4,224,322
$547,404 |
$6,752,576 |
| 21 |
$12,100,608 |
$4,437,555
$574,779 |
$7,088,274 |
| 22 |
$12,705,699 |
$4,661,439
$603,521 |
$7,440,739 |
| 23 |
$13,340,787 |
$4,896,422
$633,687 |
$7,810,678 |
| 24 |
$14,007,993 |
$5,143,288
$665,380 |
$8,199,325 |
| 25 |
$14,708,226 |
$5,402,374
$698,641 |
$8,607,211 |
| 26 |
$15,443,910 |
$5,674,577
$733,586 |
$9,035,747 |
| 27 |
$16,215,954 |
$5,960,233
$770,258 |
$9,485,463 |
| 28 |
$17,026,782 |
$6,260,240
$808,772 |
$9,957,770 |
| 29 |
$17,878,212 |
$6,575,269
$849,215 |
$10,453,728 |
| 30 |
$18,772,062 |
$6,905,993
$891,673 |
$10,974,396 |
|
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