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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 $110,000,000 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, May 5, 2015
Jackpot:$110,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,655,658$413,914$95,200$1,146,543
2$1,738,441$434,610$99,960$1,203,870
3$1,825,363$456,341$104,958$1,264,064
4$1,916,631$479,158$110,206$1,327,267
5$2,012,462$503,116$115,717$1,393,630
6$2,113,086$528,271$121,502$1,463,312
7$2,218,740$554,685$127,578$1,536,477
8$2,329,677$582,419$133,956$1,613,301
9$2,446,161$611,540$140,654$1,693,966
10$2,568,469$642,117$147,687$1,778,665
11$2,696,892$674,223$155,071$1,867,598
12$2,831,737$707,934$162,825$1,960,978
13$2,973,324$743,331$170,966$2,059,027
14$3,121,990$780,497$179,514$2,161,978
15$3,278,089$819,522$188,490$2,270,077
16$3,441,994$860,498$197,915$2,383,581
17$3,614,093$903,523$207,810$2,502,760
18$3,794,798$948,700$218,201$2,627,898
19$3,984,538$996,135$229,111$2,759,293
20$4,183,765$1,045,941$240,566$2,897,257
21$4,392,953$1,098,238$252,595$3,042,120
22$4,612,601$1,153,150$265,225$3,194,226
23$4,843,231$1,210,808$278,486$3,353,937
24$5,085,392$1,271,348$292,410$3,521,634
25$5,339,662$1,334,916$307,031$3,697,716
26$5,606,645$1,401,661$322,382$3,882,602
27$5,886,977$1,471,744$338,501$4,076,732
28$6,181,326$1,545,332$355,426$4,280,568
29$6,490,393$1,622,598$373,198$4,494,597
30$6,814,912$1,703,728$391,857$4,719,327
Total$110,000,000$27,500,000$6,325,000$76,175,000
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