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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 $35,000,000 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, Dec 6, 2016
Jackpot:$35,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$526,800$131,700$30,291$364,809
2$553,140$138,285$31,806$383,050
3$580,797$145,199$33,396$402,202
4$609,837$152,459$35,066$422,312
5$640,329$160,082$36,819$443,428
6$672,345$168,086$38,660$465,599
7$705,963$176,491$40,593$488,879
8$741,261$185,315$42,622$513,323
9$778,324$194,581$44,754$538,989
10$817,240$204,310$46,991$565,939
11$858,102$214,526$49,341$594,236
12$901,007$225,252$51,808$623,947
13$946,058$236,514$54,398$655,145
14$993,360$248,340$57,118$687,902
15$1,043,028$260,757$59,974$722,297
16$1,095,180$273,795$62,973$758,412
17$1,149,939$287,485$66,121$796,333
18$1,207,436$301,859$69,428$836,149
19$1,267,808$316,952$72,899$877,957
20$1,331,198$332,799$76,544$921,855
21$1,397,758$349,439$80,371$967,947
22$1,467,646$366,911$84,390$1,016,345
23$1,541,028$385,257$88,609$1,067,162
24$1,618,079$404,520$93,040$1,120,520
25$1,698,983$424,746$97,692$1,176,546
26$1,783,933$445,983$102,576$1,235,373
27$1,873,129$468,282$107,705$1,297,142
28$1,966,786$491,696$113,090$1,361,999
29$2,065,125$516,281$118,745$1,430,099
30$2,168,381$542,095$124,682$1,501,604
Total$35,000,000$8,750,000$2,012,500$24,237,500
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