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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 $31,000,000 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:  Fri, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$25,658$328,954
2$489,924$117,582$26,941$345,401
3$514,420$123,461$28,288$362,672
4$540,141$129,634$29,702$380,805
5$567,149$136,116$31,187$399,845
6$595,506$142,921$32,747$419,838
7$625,281$150,068$34,384$440,830
8$656,545$157,571$36,103$462,871
9$689,373$165,449$37,909$486,015
10$723,841$173,722$39,804$510,315
11$760,033$182,408$41,794$535,831
12$798,035$191,528$43,884$562,623
13$837,937$201,105$46,078$590,754
14$879,834$211,160$48,382$620,291
15$923,825$221,718$50,801$651,306
16$970,016$232,804$53,341$683,871
17$1,018,517$244,444$56,008$718,065
18$1,069,443$256,666$58,809$753,968
19$1,122,915$269,500$61,749$791,666
20$1,179,061$282,975$64,837$831,250
21$1,238,014$297,123$68,078$872,812
22$1,299,915$311,980$71,482$916,453
23$1,364,911$327,579$75,056$962,276
24$1,433,156$343,957$78,809$1,010,389
25$1,504,814$361,155$82,750$1,060,909
26$1,580,055$379,213$86,887$1,113,954
27$1,659,057$398,174$91,232$1,169,652
28$1,742,010$418,082$95,793$1,228,135
29$1,829,111$438,987$100,583$1,289,541
30$1,920,566$460,936$105,612$1,354,018
Total$31,000,000$7,440,000$1,704,690$21,855,310
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