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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 $20,000,000 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 31, 2015
Jackpot:$20,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$75,257$17,309$208,462
2$316,080$79,020$18,175$218,885
3$331,884$82,971$19,083$229,830
4$348,478$87,120$20,038$241,321
5$365,902$91,476$21,039$253,387
6$384,197$96,049$22,091$266,057
7$403,407$100,852$23,196$279,360
8$423,578$105,894$24,356$293,328
9$444,757$111,189$25,573$307,994
10$466,994$116,749$26,852$323,394
11$490,344$122,586$28,195$339,563
12$514,861$128,715$29,605$356,541
13$540,604$135,151$31,085$374,368
14$567,635$141,909$32,639$393,087
15$596,016$149,004$34,271$412,741
16$625,817$156,454$35,984$433,378
17$657,108$164,277$37,784$455,047
18$689,963$172,491$39,673$477,800
19$724,461$181,115$41,657$501,690
20$760,685$190,171$43,739$526,774
21$798,719$199,680$45,926$553,113
22$838,655$209,664$48,223$580,768
23$880,587$220,147$50,634$609,807
24$924,617$231,154$53,165$640,297
25$970,848$242,712$55,824$672,312
26$1,019,390$254,848$58,615$705,928
27$1,070,360$267,590$61,546$741,224
28$1,123,878$280,969$64,623$778,285
29$1,180,071$295,018$67,854$817,199
30$1,239,075$309,769$71,247$858,059
Total$20,000,000$5,000,000$1,150,000$13,850,000
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