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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 $214,000,000 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:  Tue, May 26, 2015
Jackpot:$214,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,221,007$805,252$185,208$2,230,547
2$3,382,057$845,514$194,468$2,342,075
3$3,551,160$887,790$204,192$2,459,179
4$3,728,718$932,180$214,401$2,582,138
5$3,915,154$978,789$225,121$2,711,244
6$4,110,912$1,027,728$236,377$2,846,807
7$4,316,458$1,079,114$248,196$2,989,147
8$4,532,281$1,133,070$260,606$3,138,604
9$4,758,895$1,189,724$273,636$3,295,534
10$4,996,839$1,249,210$287,318$3,460,311
11$5,246,681$1,311,670$301,684$3,633,327
12$5,509,015$1,377,254$316,768$3,814,993
13$5,784,466$1,446,117$332,607$4,005,743
14$6,073,689$1,518,422$349,237$4,206,030
15$6,377,374$1,594,343$366,699$4,416,331
16$6,696,243$1,674,061$385,034$4,637,148
17$7,031,055$1,757,764$404,286$4,869,005
18$7,382,607$1,845,652$424,500$5,112,456
19$7,751,738$1,937,934$445,725$5,368,078
20$8,139,325$2,034,831$468,011$5,636,482
21$8,546,291$2,136,573$491,412$5,918,306
22$8,973,605$2,243,401$515,982$6,214,222
23$9,422,286$2,355,571$541,781$6,524,933
24$9,893,400$2,473,350$568,870$6,851,179
25$10,388,070$2,597,017$597,314$7,193,738
26$10,907,473$2,726,868$627,180$7,553,425
27$11,452,847$2,863,212$658,539$7,931,097
28$12,025,489$3,006,372$691,466$8,327,651
29$12,626,764$3,156,691$726,039$8,744,034
30$13,258,102$3,314,526$762,341$9,181,236
Total$214,000,000$53,500,000$12,305,000$148,195,000
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