The jackpot for the Powerball draw on Sat Feb 15, 2025, is projected to be $172 Million, with an option for a cash payout of $79.7 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 Feb 15, 2025 |
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Draw Date | Sat Feb 15, 2025 | Projected Jackpot | $172,000,000 | Cash Value | $79,700,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $79,700,000 | Federal Tax(24%) | $19,128,000 | Additional Federal Tax | $10,321,330 | State Tax(4.75%) | $3,785,750 | Net Lumpsum Payment | $46,464,920 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$2,588,772 |
$918,176 $122,967 |
$1,547,629 |
2 |
$2,718,288 |
$966,097 $129,119 |
$1,623,072 |
3 |
$2,854,168 |
$1,016,373 $135,573 |
$1,702,222 |
4 |
$2,996,928 |
$1,069,194 $142,354 |
$1,785,380 |
5 |
$3,146,740 |
$1,124,624 $149,470 |
$1,872,646 |
6 |
$3,304,120 |
$1,182,855 $156,946 |
$1,964,319 |
7 |
$3,469,240 |
$1,243,949 $164,789 |
$2,060,502 |
8 |
$3,642,788 |
$1,308,162 $173,032 |
$2,161,594 |
9 |
$3,824,936 |
$1,375,557 $181,684 |
$2,267,695 |
10 |
$4,016,200 |
$1,446,324 $190,770 |
$2,379,106 |
11 |
$4,216,924 |
$1,520,592 $200,304 |
$2,496,028 |
12 |
$4,427,796 |
$1,598,615 $210,320 |
$2,618,861 |
13 |
$4,649,160 |
$1,680,520 $220,835 |
$2,747,805 |
14 |
$4,881,704 |
$1,766,561 $231,881 |
$2,883,262 |
15 |
$5,125,772 |
$1,856,866 $243,474 |
$3,025,432 |
16 |
$5,382,052 |
$1,951,690 $255,647 |
$3,174,715 |
17 |
$5,651,060 |
$2,051,223 $268,425 |
$3,331,412 |
18 |
$5,933,656 |
$2,155,783 $281,849 |
$3,496,024 |
19 |
$6,230,356 |
$2,265,562 $295,942 |
$3,668,852 |
20 |
$6,541,848 |
$2,380,814 $310,738 |
$3,850,296 |
21 |
$6,868,992 |
$2,501,857 $326,277 |
$4,040,858 |
22 |
$7,212,476 |
$2,628,947 $342,593 |
$4,240,936 |
23 |
$7,572,988 |
$2,762,336 $359,717 |
$4,450,935 |
24 |
$7,951,732 |
$2,902,471 $377,707 |
$4,671,554 |
25 |
$8,349,224 |
$3,049,543 $396,588 |
$4,903,093 |
26 |
$8,766,840 |
$3,204,061 $416,425 |
$5,146,354 |
27 |
$9,205,096 |
$3,366,216 $437,242 |
$5,401,638 |
28 |
$9,665,368 |
$3,536,517 $459,105 |
$5,669,746 |
29 |
$10,148,688 |
$3,715,345 $482,063 |
$5,951,280 |
30 |
$10,656,088 |
$3,903,083 $506,164 |
$6,246,841 |
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