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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 $76,000,000 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 26, 2016
Jackpot:$76,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,143,909$285,977$65,775$792,157
2$1,201,105$300,276$69,064$831,765
3$1,261,160$315,290$72,517$873,353
4$1,324,218$331,054$76,143$917,021
5$1,390,429$347,607$79,950$962,872
6$1,459,950$364,988$83,947$1,011,015
7$1,532,948$383,237$88,144$1,061,566
8$1,609,595$402,399$92,552$1,114,645
9$1,690,075$422,519$97,179$1,170,377
10$1,774,578$443,645$102,038$1,228,896
11$1,863,307$465,827$107,140$1,290,340
12$1,956,473$489,118$112,497$1,354,857
13$2,054,296$513,574$118,122$1,422,600
14$2,157,011$539,253$124,028$1,493,730
15$2,264,862$566,215$130,230$1,568,417
16$2,378,105$594,526$136,741$1,646,838
17$2,497,010$624,253$143,578$1,729,179
18$2,621,861$655,465$150,757$1,815,638
19$2,752,954$688,238$158,295$1,906,420
20$2,890,601$722,650$166,210$2,001,741
21$3,035,131$758,783$174,520$2,101,828
22$3,186,888$796,722$183,246$2,206,920
23$3,346,232$836,558$192,408$2,317,266
24$3,513,544$878,386$202,029$2,433,129
25$3,689,221$922,305$212,130$2,554,786
26$3,873,682$968,421$222,737$2,682,525
27$4,067,366$1,016,842$233,874$2,816,651
28$4,270,735$1,067,684$245,567$2,957,484
29$4,484,271$1,121,068$257,846$3,105,358
30$4,708,485$1,177,121$270,738$3,260,626
Total$76,000,000$19,000,000$4,370,000$52,630,000
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