The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 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 Sat Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(4.75%) | $2,916,500 | | Net Lumpsum Payment | $35,805,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$92,940 |
$1,179,407 |
| 2 |
$2,054,520 |
$720,503
$97,590 |
$1,236,427 |
| 3 |
$2,157,220 |
$758,502
$102,468 |
$1,296,250 |
| 4 |
$2,265,120 |
$798,425
$107,593 |
$1,359,102 |
| 5 |
$2,378,350 |
$840,320
$112,972 |
$1,425,058 |
| 6 |
$2,497,300 |
$884,331
$118,622 |
$1,494,347 |
| 7 |
$2,622,100 |
$930,507
$124,550 |
$1,567,043 |
| 8 |
$2,753,270 |
$979,040
$130,780 |
$1,643,450 |
| 9 |
$2,890,940 |
$1,029,978
$137,320 |
$1,723,642 |
| 10 |
$3,035,500 |
$1,083,465
$144,186 |
$1,807,849 |
| 11 |
$3,187,210 |
$1,139,598
$151,392 |
$1,896,220 |
| 12 |
$3,346,590 |
$1,198,569
$158,963 |
$1,989,058 |
| 13 |
$3,513,900 |
$1,260,473
$166,910 |
$2,086,517 |
| 14 |
$3,689,660 |
$1,325,505
$175,259 |
$2,188,896 |
| 15 |
$3,874,130 |
$1,393,758
$184,021 |
$2,296,351 |
| 16 |
$4,067,830 |
$1,465,427
$193,222 |
$2,409,181 |
| 17 |
$4,271,150 |
$1,540,656
$202,880 |
$2,527,614 |
| 18 |
$4,484,740 |
$1,619,684
$213,025 |
$2,652,031 |
| 19 |
$4,708,990 |
$1,702,657
$223,677 |
$2,782,656 |
| 20 |
$4,944,420 |
$1,789,766
$234,860 |
$2,919,794 |
| 21 |
$5,191,680 |
$1,881,252
$246,605 |
$3,063,823 |
| 22 |
$5,451,290 |
$1,977,308
$258,936 |
$3,215,046 |
| 23 |
$5,723,770 |
$2,078,125
$271,879 |
$3,373,766 |
| 24 |
$6,010,030 |
$2,184,041
$285,476 |
$3,540,513 |
| 25 |
$6,310,460 |
$2,295,201
$299,747 |
$3,715,512 |
| 26 |
$6,626,100 |
$2,411,987
$314,740 |
$3,899,373 |
| 27 |
$6,957,340 |
$2,534,546
$330,474 |
$4,092,320 |
| 28 |
$7,305,220 |
$2,663,262
$346,998 |
$4,294,960 |
| 29 |
$7,670,520 |
$2,798,423
$364,350 |
$4,507,747 |
| 30 |
$8,054,020 |
$2,940,318
$382,566 |
$4,731,136 |
|
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