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Mega Millions Annuity Jackpot Analysis for South 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 South 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:

South Carolina

Drawing Date:  Fri, Apr 18, 2014
Jackpot:$38,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$571,955$142,989$40,037$388,929
2$600,552$150,138$42,039$408,376
3$630,580$157,645$44,141$428,794
4$662,109$165,527$46,348$450,234
5$695,214$173,804$48,665$472,746
6$729,975$182,494$51,098$496,383
7$766,474$191,618$53,653$521,202
8$804,797$201,199$56,336$547,262
9$845,037$211,259$59,153$574,625
10$887,289$221,822$62,110$603,357
11$931,654$232,913$65,216$633,524
12$978,236$244,559$68,477$665,201
13$1,027,148$256,787$71,900$698,461
14$1,078,506$269,626$75,495$733,384
15$1,132,431$283,108$79,270$770,053
16$1,189,052$297,263$83,234$808,556
17$1,248,505$312,126$87,395$848,983
18$1,310,930$327,733$91,765$891,433
19$1,376,477$344,119$96,353$936,004
20$1,445,301$361,325$101,171$982,804
21$1,517,566$379,391$106,230$1,031,945
22$1,593,444$398,361$111,541$1,083,542
23$1,673,116$418,279$117,118$1,137,719
24$1,756,772$439,193$122,974$1,194,605
25$1,844,611$461,153$129,123$1,254,335
26$1,936,841$484,210$135,579$1,317,052
27$2,033,683$508,421$142,358$1,382,905
28$2,135,367$533,842$149,476$1,452,050
29$2,242,136$560,534$156,949$1,524,652
30$2,354,242$588,561$164,797$1,600,885
Total$38,000,000$9,500,000$2,660,000$25,840,000
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