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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 $245,000,000 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, Feb 26, 2019
Jackpot:$245,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$202,781$2,599,796
2$3,871,982$929,276$212,920$2,729,786
3$4,065,581$975,739$223,566$2,866,275
4$4,268,860$1,024,526$234,745$3,009,589
5$4,482,303$1,075,753$246,482$3,160,068
6$4,706,418$1,129,540$258,806$3,318,072
7$4,941,739$1,186,017$271,746$3,483,975
8$5,188,826$1,245,318$285,334$3,658,174
9$5,448,267$1,307,584$299,600$3,841,083
10$5,720,680$1,372,963$314,580$4,033,137
11$6,006,714$1,441,611$330,309$4,234,794
12$6,307,050$1,513,692$346,825$4,446,533
13$6,622,403$1,589,377$364,166$4,668,860
14$6,953,523$1,668,845$382,374$4,902,303
15$7,301,199$1,752,288$401,493$5,147,418
16$7,666,259$1,839,902$421,568$5,404,789
17$8,049,572$1,931,897$442,646$5,675,029
18$8,452,050$2,028,492$464,778$5,958,780
19$8,874,653$2,129,917$488,017$6,256,719
20$9,318,386$2,236,413$512,418$6,569,555
21$9,784,305$2,348,233$538,039$6,898,033
22$10,273,520$2,465,645$564,941$7,242,934
23$10,787,196$2,588,927$593,188$7,605,081
24$11,326,556$2,718,373$622,847$7,985,335
25$11,892,884$2,854,292$653,990$8,384,602
26$12,487,528$2,997,007$686,689$8,803,832
27$13,111,904$3,146,857$721,024$9,244,024
28$13,767,499$3,304,200$757,075$9,706,225
29$14,455,874$3,469,410$794,929$10,191,536
30$15,178,668$3,642,880$834,675$10,701,113
Total$245,000,000$58,800,000$13,472,550$172,727,450
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