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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 $192,000,000 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, Apr 23, 2019
Jackpot:$192,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,889,876$693,570$158,914$2,037,391
2$3,034,369$728,249$166,860$2,139,261
3$3,186,088$764,661$175,203$2,246,224
4$3,345,392$802,894$183,963$2,358,535
5$3,512,662$843,039$193,161$2,476,462
6$3,688,295$885,191$202,819$2,600,285
7$3,872,710$929,450$212,960$2,730,299
8$4,066,345$975,923$223,608$2,866,814
9$4,269,662$1,024,719$234,789$3,010,155
10$4,483,145$1,075,955$246,528$3,160,662
11$4,707,303$1,129,753$258,855$3,318,696
12$4,942,668$1,186,240$271,797$3,484,630
13$5,189,801$1,245,552$285,387$3,658,862
14$5,449,291$1,307,830$299,657$3,841,805
15$5,721,756$1,373,221$314,639$4,033,895
16$6,007,844$1,441,883$330,371$4,235,590
17$6,308,236$1,513,977$346,890$4,447,369
18$6,623,648$1,589,675$364,234$4,669,738
19$6,954,830$1,669,159$382,446$4,903,225
20$7,302,572$1,752,617$401,568$5,148,386
21$7,667,700$1,840,248$421,647$5,405,805
22$8,051,085$1,932,260$442,729$5,676,096
23$8,453,639$2,028,873$464,866$5,959,900
24$8,876,321$2,130,317$488,109$6,257,895
25$9,320,137$2,236,833$512,514$6,570,790
26$9,786,144$2,348,675$538,140$6,899,330
27$10,275,452$2,466,108$565,047$7,244,296
28$10,789,224$2,589,414$593,299$7,606,511
29$11,328,685$2,718,884$622,964$7,986,836
30$11,895,120$2,854,829$654,113$8,386,178
Total$192,000,000$46,080,000$10,558,080$135,361,920
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