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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 $58,000,000 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:  Tue, Jul 22, 2014
Jackpot:$58,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$872,983$218,246$61,109$593,629
2$916,632$229,158$64,164$623,310
3$962,464$240,616$67,372$654,476
4$1,010,587$252,647$70,741$687,199
5$1,061,117$265,279$74,278$721,559
6$1,114,172$278,543$77,992$757,637
7$1,169,881$292,470$81,892$795,519
8$1,228,375$307,094$85,986$835,295
9$1,289,794$322,448$90,286$877,060
10$1,354,284$338,571$94,800$920,913
11$1,421,998$355,499$99,540$966,958
12$1,493,098$373,274$104,517$1,015,306
13$1,567,752$391,938$109,743$1,066,072
14$1,646,140$411,535$115,230$1,119,375
15$1,728,447$432,112$120,991$1,175,344
16$1,814,869$453,717$127,041$1,234,111
17$1,905,613$476,403$133,393$1,295,817
18$2,000,894$500,223$140,063$1,360,608
19$2,100,938$525,235$147,066$1,428,638
20$2,205,985$551,496$154,419$1,500,070
21$2,316,284$579,071$162,140$1,575,073
22$2,432,099$608,025$170,247$1,653,827
23$2,553,704$638,426$178,759$1,736,518
24$2,681,389$670,347$187,697$1,823,344
25$2,815,458$703,865$197,082$1,914,512
26$2,956,231$739,058$206,936$2,010,237
27$3,104,043$776,011$217,283$2,110,749
28$3,259,245$814,811$228,147$2,216,286
29$3,422,207$855,552$239,554$2,327,101
30$3,593,317$898,329$251,532$2,443,456
Total$58,000,000$14,500,000$4,060,000$39,440,000
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