The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 May 11, 2024 |
---|
Draw Date | Sat May 11, 2024 | Projected Jackpot | $36,000,000 | Cash Value | $16,800,000 |
Lumpsum Option Taxes and Payment |
---|
Cash Gross Payment | $16,800,000 | Federal Tax(24%) | $4,032,000 | Additional Federal Tax | $2,144,330 | State Tax(4.75%) | $798,000 | Net Lumpsum Payment | $9,825,670 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$541,836 |
$160,810 $25,737 |
$355,289 |
2 |
$568,944 |
$170,840 $27,025 |
$371,079 |
3 |
$597,384 |
$181,362 $28,376 |
$387,646 |
4 |
$627,264 |
$192,418 $29,795 |
$405,051 |
5 |
$658,620 |
$204,020 $31,284 |
$423,316 |
6 |
$691,560 |
$216,208 $32,849 |
$442,503 |
7 |
$726,120 |
$228,995 $34,491 |
$462,634 |
8 |
$762,444 |
$242,435 $36,216 |
$483,793 |
9 |
$800,568 |
$256,541 $38,027 |
$506,000 |
10 |
$840,600 |
$271,352 $39,929 |
$529,319 |
11 |
$882,612 |
$286,897 $41,924 |
$553,791 |
12 |
$926,748 |
$303,227 $44,021 |
$579,500 |
13 |
$973,080 |
$320,370 $46,221 |
$606,489 |
14 |
$1,021,752 |
$338,379 $48,533 |
$634,840 |
15 |
$1,072,836 |
$357,280 $50,960 |
$664,596 |
16 |
$1,126,476 |
$377,127 $53,508 |
$695,841 |
17 |
$1,182,780 |
$397,959 $56,182 |
$728,639 |
18 |
$1,241,928 |
$419,844 $58,992 |
$763,092 |
19 |
$1,304,028 |
$442,821 $61,941 |
$799,266 |
20 |
$1,369,224 |
$466,943 $65,038 |
$837,243 |
21 |
$1,437,696 |
$492,278 $68,291 |
$877,127 |
22 |
$1,509,588 |
$518,878 $71,705 |
$919,005 |
23 |
$1,585,044 |
$546,797 $75,290 |
$962,957 |
24 |
$1,664,316 |
$576,127 $79,055 |
$1,009,134 |
25 |
$1,747,512 |
$606,910 $83,007 |
$1,057,595 |
26 |
$1,834,920 |
$639,251 $87,159 |
$1,108,510 |
27 |
$1,926,648 |
$673,190 $91,516 |
$1,161,942 |
28 |
$2,022,984 |
$708,834 $96,092 |
$1,218,058 |
29 |
$2,124,144 |
$746,264 $100,897 |
$1,276,983 |
30 |
$2,230,344 |
$785,558 $105,941 |
$1,338,845 |
|
|