North Carolina Lottery

NCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon May 6, 2024 is estimated to be $214 Million, with a cash option of 99.7 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 Mon May 6, 2024

Draw Date	Jackpot	Cash Option
Mon May 6, 2024	$214,000,000	$99,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,700,000
Federal Tax(24%)	$23,928,000
Additional Federal Tax	$12,921,330
State Tax(4.75%)	$4,735,750
Net Lumpsum Payment	$58,114,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,220,914	-$1,152,069 -$152,993	$1,915,852
2	$3,382,056	-$1,211,691 -$160,648	$2,009,717
3	$3,551,116	-$1,274,243 -$168,678	$2,108,195
4	$3,728,736	-$1,339,963 -$177,115	$2,211,658
5	$3,915,130	-$1,408,928 -$185,969	$2,320,233
6	$4,110,940	-$1,481,378 -$195,270	$2,434,292
7	$4,316,380	-$1,557,391 -$205,028	$2,553,961
8	$4,532,306	-$1,637,284 -$215,285	$2,679,737
9	$4,758,932	-$1,721,135 -$226,049	$2,811,748
10	$4,996,900	-$1,809,183 -$237,353	$2,950,364
11	$5,246,638	-$1,901,586 -$249,215	$3,095,837
12	$5,509,002	-$1,998,661 -$261,678	$3,248,663
13	$5,784,420	-$2,100,566 -$274,760	$3,409,094
14	$6,073,748	-$2,207,617 -$288,503	$3,577,628
15	$6,377,414	-$2,319,974 -$302,927	$3,754,513
16	$6,696,274	-$2,437,952 -$318,073	$3,940,249
17	$7,030,970	-$2,561,789 -$333,971	$4,135,210
18	$7,382,572	-$2,691,882 -$350,672	$4,340,018
19	$7,751,722	-$2,828,468 -$368,207	$4,555,047
20	$8,139,276	-$2,971,863 -$386,616	$4,780,797
21	$8,546,304	-$3,122,463 -$405,949	$5,017,892
22	$8,973,662	-$3,280,585 -$426,249	$5,266,828
23	$9,422,206	-$3,446,547 -$447,555	$5,528,104
24	$9,893,434	-$3,620,901 -$469,938	$5,802,595
25	$10,387,988	-$3,803,886 -$493,429	$6,090,673
26	$10,907,580	-$3,996,135 -$518,110	$6,393,335
27	$11,452,852	-$4,197,886 -$544,010	$6,710,956
28	$12,025,516	-$4,409,771 -$571,212	$7,044,533
29	$12,626,856	-$4,632,267 -$599,776	$7,394,813
30	$13,258,156	-$4,865,848 -$629,762	$7,762,546