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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 $15,000,000 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, Mar 3, 2015
Jackpot:$15,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$225,772$56,443$12,982$156,347
2$237,060$59,265$13,631$164,164
3$248,913$62,228$14,313$172,372
4$261,359$65,340$15,028$180,991
5$274,427$68,607$15,780$190,040
6$288,148$72,037$16,569$199,543
7$302,555$75,639$17,397$209,520
8$317,683$79,421$18,267$219,996
9$333,567$83,392$19,180$230,995
10$350,246$87,561$20,139$242,545
11$367,758$91,940$21,146$254,672
12$386,146$96,536$22,203$267,406
13$405,453$101,363$23,314$280,776
14$425,726$106,431$24,479$294,815
15$447,012$111,753$25,703$309,556
16$469,363$117,341$26,988$325,034
17$492,831$123,208$28,338$341,285
18$517,472$129,368$29,755$358,350
19$543,346$135,837$31,242$376,267
20$570,513$142,628$32,805$395,081
21$599,039$149,760$34,445$414,835
22$628,991$157,248$36,167$435,576
23$660,441$165,110$37,975$457,355
24$693,463$173,366$39,874$480,223
25$728,136$182,034$41,868$504,234
26$764,543$191,136$43,961$529,446
27$802,770$200,692$46,159$555,918
28$842,908$210,727$48,467$583,714
29$885,054$221,263$50,891$612,900
30$929,306$232,327$53,435$643,545
Total$15,000,000$3,750,000$862,500$10,387,500
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