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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 $177,000,000 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, Jan 24, 2017
Jackpot:$177,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,664,104$666,026$153,186$1,844,892
2$2,797,309$699,327$160,845$1,937,137
3$2,937,175$734,294$168,888$2,033,993
4$3,084,033$771,008$177,332$2,135,693
5$3,238,235$809,559$186,199$2,242,478
6$3,400,147$850,037$195,508$2,354,602
7$3,570,154$892,539$205,284$2,472,332
8$3,748,662$937,165$215,548$2,595,948
9$3,936,095$984,024$226,325$2,725,746
10$4,132,900$1,033,225$237,642$2,862,033
11$4,339,545$1,084,886$249,524$3,005,135
12$4,556,522$1,139,130$262,000$3,155,391
13$4,784,348$1,196,087$275,100$3,313,161
14$5,023,566$1,255,891$288,855$3,478,819
15$5,274,744$1,318,686$303,298$3,652,760
16$5,538,481$1,384,620$318,463$3,835,398
17$5,815,405$1,453,851$334,386$4,027,168
18$6,106,175$1,526,544$351,105$4,228,526
19$6,411,484$1,602,871$368,660$4,439,953
20$6,732,058$1,683,015$387,093$4,661,950
21$7,068,661$1,767,165$406,448$4,895,048
22$7,422,094$1,855,524$426,770$5,139,800
23$7,793,199$1,948,300$448,109$5,396,790
24$8,182,859$2,045,715$470,514$5,666,630
25$8,592,002$2,148,000$494,040$5,949,961
26$9,021,602$2,255,400$518,742$6,247,459
27$9,472,682$2,368,170$544,679$6,559,832
28$9,946,316$2,486,579$571,913$6,887,824
29$10,443,632$2,610,908$600,509$7,232,215
30$10,965,813$2,741,453$630,534$7,593,826
Total$177,000,000$44,250,000$10,177,500$122,572,500
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