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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 $90,000,000 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, Aug 23, 2019
Jackpot:$90,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$325,111$74,491$955,027
2$1,422,361$341,367$78,216$1,002,778
3$1,493,479$358,435$82,126$1,052,917
4$1,568,153$376,357$86,233$1,105,563
5$1,646,560$395,174$90,544$1,160,841
6$1,728,888$414,933$95,072$1,218,883
7$1,815,333$435,680$99,825$1,279,828
8$1,906,099$457,464$104,816$1,343,819
9$2,001,404$480,337$110,057$1,411,010
10$2,101,474$504,354$115,560$1,481,560
11$2,206,548$529,572$121,338$1,555,639
12$2,316,876$556,050$127,405$1,633,420
13$2,432,719$583,853$133,775$1,715,091
14$2,554,355$613,045$140,464$1,800,846
15$2,682,073$643,698$147,487$1,890,888
16$2,816,177$675,882$154,862$1,985,433
17$2,956,986$709,677$162,605$2,084,704
18$3,104,835$745,160$170,735$2,188,940
19$3,260,077$782,418$179,272$2,298,387
20$3,423,080$821,539$188,235$2,413,306
21$3,594,234$862,616$197,647$2,533,971
22$3,773,946$905,747$207,529$2,660,670
23$3,962,643$951,034$217,906$2,793,703
24$4,160,776$998,586$228,801$2,933,388
25$4,368,814$1,048,515$240,241$3,080,058
26$4,587,255$1,100,941$252,253$3,234,061
27$4,816,618$1,155,988$264,866$3,395,764
28$5,057,449$1,213,788$278,109$3,565,552
29$5,310,321$1,274,477$292,015$3,743,830
30$5,575,837$1,338,201$306,615$3,931,021
Total$90,000,000$21,600,000$4,949,100$63,450,900
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