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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 $60,000,000 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, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$49,661$636,685
2$948,240$227,578$52,144$668,519
3$995,652$238,957$54,751$701,945
4$1,045,435$250,904$57,488$737,042
5$1,097,707$263,450$60,363$773,894
6$1,152,592$276,622$63,381$812,589
7$1,210,222$290,453$66,550$853,218
8$1,270,733$304,976$69,878$895,879
9$1,334,270$320,225$73,371$940,673
10$1,400,983$336,236$77,040$987,707
11$1,471,032$353,048$80,892$1,037,092
12$1,544,584$370,700$84,937$1,088,947
13$1,621,813$389,235$89,183$1,143,394
14$1,702,904$408,697$93,643$1,200,564
15$1,788,049$429,132$98,325$1,260,592
16$1,877,451$450,588$103,241$1,323,622
17$1,971,324$473,118$108,403$1,389,803
18$2,069,890$496,774$113,823$1,459,293
19$2,173,384$521,612$119,514$1,532,258
20$2,282,054$547,693$125,490$1,608,871
21$2,396,156$575,078$131,765$1,689,314
22$2,515,964$603,831$138,353$1,773,780
23$2,641,762$634,023$145,271$1,862,469
24$2,773,850$665,724$152,534$1,955,592
25$2,912,543$699,010$160,161$2,053,372
26$3,058,170$733,961$168,169$2,156,041
27$3,211,079$770,659$176,577$2,263,843
28$3,371,633$809,192$185,406$2,377,035
29$3,540,214$849,651$194,676$2,495,886
30$3,717,225$892,134$204,410$2,620,681
Total$60,000,000$14,400,000$3,299,400$42,300,600
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