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Mega Millions Annuity Jackpot Analysis for North Carolina

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $38,000,000 would be for a resident of North Carolina, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

North Carolina

Drawing Date:  Fri, Apr 18, 2014
Jackpot:$38,000,000
Federal Tax:  25%
State Tax:5.80%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$571,955$142,989$33,173$395,793
2$600,552$150,138$34,832$415,582
3$630,580$157,645$36,574$436,361
4$662,109$165,527$38,402$458,179
5$695,214$173,804$40,322$481,088
6$729,975$182,494$42,339$505,143
7$766,474$191,618$44,455$530,400
8$804,797$201,199$46,678$556,920
9$845,037$211,259$49,012$584,766
10$887,289$221,822$51,463$614,004
11$931,654$232,913$54,036$644,704
12$978,236$244,559$56,738$676,940
13$1,027,148$256,787$59,575$710,787
14$1,078,506$269,626$62,553$746,326
15$1,132,431$283,108$65,681$783,642
16$1,189,052$297,263$68,965$822,824
17$1,248,505$312,126$72,413$863,965
18$1,310,930$327,733$76,034$907,164
19$1,376,477$344,119$79,836$952,522
20$1,445,301$361,325$83,827$1,000,148
21$1,517,566$379,391$88,019$1,050,155
22$1,593,444$398,361$92,420$1,102,663
23$1,673,116$418,279$97,041$1,157,796
24$1,756,772$439,193$101,893$1,215,686
25$1,844,611$461,153$106,987$1,276,470
26$1,936,841$484,210$112,337$1,340,294
27$2,033,683$508,421$117,954$1,407,309
28$2,135,367$533,842$123,851$1,477,674
29$2,242,136$560,534$130,044$1,551,558
30$2,354,242$588,561$136,546$1,629,136
Total$38,000,000$9,500,000$2,204,000$26,296,000
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