The jackpot for the Powerball draw on Sat May 3, 2025, is projected to be $44 Million, with an option for a cash payout of $20.3 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 3, 2025 |
|---|
| Draw Date | Sat May 3, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $20,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,300,000 | | Federal Tax(24%) | $4,872,000 | | Additional Federal Tax | $2,599,330 | | State Tax(4.75%) | $964,250 | | Net Lumpsum Payment | $11,864,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$31,457 |
$425,426 |
| 2 |
$695,376 |
$217,620
$33,030 |
$444,726 |
| 3 |
$730,136 |
$230,481
$34,681 |
$464,974 |
| 4 |
$766,656 |
$243,993
$36,416 |
$486,247 |
| 5 |
$804,980 |
$258,173
$38,237 |
$508,570 |
| 6 |
$845,240 |
$273,069
$40,149 |
$532,022 |
| 7 |
$887,480 |
$288,698
$42,155 |
$556,627 |
| 8 |
$931,876 |
$305,125
$44,264 |
$582,487 |
| 9 |
$978,472 |
$322,365
$46,477 |
$609,630 |
| 10 |
$1,027,400 |
$340,468
$48,802 |
$638,130 |
| 11 |
$1,078,748 |
$359,467
$51,241 |
$668,040 |
| 12 |
$1,132,692 |
$379,426
$53,803 |
$699,463 |
| 13 |
$1,189,320 |
$400,379
$56,493 |
$732,448 |
| 14 |
$1,248,808 |
$422,389
$59,318 |
$767,101 |
| 15 |
$1,311,244 |
$445,491
$62,284 |
$803,469 |
| 16 |
$1,376,804 |
$469,748
$65,398 |
$841,658 |
| 17 |
$1,445,620 |
$495,210
$68,667 |
$881,743 |
| 18 |
$1,517,912 |
$521,958
$72,101 |
$923,853 |
| 19 |
$1,593,812 |
$550,041
$75,706 |
$968,065 |
| 20 |
$1,673,496 |
$579,524
$79,491 |
$1,014,481 |
| 21 |
$1,757,184 |
$610,488
$83,466 |
$1,063,230 |
| 22 |
$1,845,052 |
$643,000
$87,640 |
$1,114,412 |
| 23 |
$1,937,276 |
$677,123
$92,021 |
$1,168,132 |
| 24 |
$2,034,164 |
$712,971
$96,623 |
$1,224,570 |
| 25 |
$2,135,848 |
$750,594
$101,453 |
$1,283,801 |
| 26 |
$2,242,680 |
$790,122
$106,527 |
$1,346,031 |
| 27 |
$2,354,792 |
$831,603
$111,853 |
$1,411,336 |
| 28 |
$2,472,536 |
$875,169
$117,445 |
$1,479,922 |
| 29 |
$2,596,176 |
$920,916
$123,318 |
$1,551,942 |
| 30 |
$2,725,976 |
$968,942
$129,484 |
$1,627,550 |
|
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