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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 $138,000,000 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, May 6, 2016
Jackpot:$138,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,077,098$519,275$119,433$1,438,390
2$2,180,953$545,238$125,405$1,510,310
3$2,290,001$572,500$131,675$1,585,825
4$2,404,501$601,125$138,259$1,665,117
5$2,524,726$631,181$145,172$1,748,372
6$2,650,962$662,740$152,430$1,835,791
7$2,783,510$695,878$160,052$1,927,581
8$2,922,686$730,671$168,054$2,023,960
9$3,068,820$767,205$176,457$2,125,158
10$3,222,261$805,565$185,280$2,231,416
11$3,383,374$845,843$194,544$2,342,986
12$3,552,543$888,136$204,271$2,460,136
13$3,730,170$932,542$214,485$2,583,142
14$3,916,678$979,170$225,209$2,712,300
15$4,112,512$1,028,128$236,469$2,847,915
16$4,318,138$1,079,534$248,293$2,990,310
17$4,534,045$1,133,511$260,708$3,139,826
18$4,760,747$1,190,187$273,743$3,296,817
19$4,998,784$1,249,696$287,430$3,461,658
20$5,248,723$1,312,181$301,802$3,634,741
21$5,511,159$1,377,790$316,892$3,816,478
22$5,786,717$1,446,679$332,736$4,007,302
23$6,076,053$1,519,013$349,373$4,207,667
24$6,379,856$1,594,964$366,842$4,418,050
25$6,698,849$1,674,712$385,184$4,638,953
26$7,033,791$1,758,448$404,443$4,870,900
27$7,385,481$1,846,370$424,665$5,114,445
28$7,754,755$1,938,689$445,898$5,370,168
29$8,142,493$2,035,623$468,193$5,638,676
30$8,549,617$2,137,404$491,603$5,920,610
Total$138,000,000$34,500,000$7,935,000$95,565,000
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