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

YearGross PaymentFederal TaxesState TaxesNet Payment
1$451,543$112,886$25,964$312,694
2$474,120$118,530$27,262$328,328
3$497,826$124,457$28,625$344,745
4$522,718$130,679$30,056$361,982
5$548,853$137,213$31,559$380,081
6$576,296$144,074$33,137$399,085
7$605,111$151,278$34,794$419,039
8$635,366$158,842$36,534$439,991
9$667,135$166,784$38,360$461,991
10$700,491$175,123$40,278$485,090
11$735,516$183,879$42,292$509,345
12$772,292$193,073$44,407$534,812
13$810,906$202,727$46,627$561,553
14$851,452$212,863$48,958$589,630
15$894,024$223,506$51,406$619,112
16$938,726$234,681$53,977$650,067
17$985,662$246,415$56,676$682,571
18$1,034,945$258,736$59,509$716,699
19$1,086,692$271,673$62,485$752,534
20$1,141,027$285,257$65,609$790,161
21$1,198,078$299,520$68,889$829,669
22$1,257,982$314,496$72,334$871,153
23$1,320,881$330,220$75,951$914,710
24$1,386,925$346,731$79,748$960,446
25$1,456,271$364,068$83,736$1,008,468
26$1,529,085$382,271$87,922$1,058,891
27$1,605,539$401,385$92,319$1,111,836
28$1,685,816$421,454$96,934$1,167,428
29$1,770,107$442,527$101,781$1,225,799
30$1,858,612$464,653$106,870$1,287,089
Total$30,000,000$7,500,000$1,725,000$20,775,000
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