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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 $96,000,000 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, Jul 7, 2015
Jackpot:$96,000,000
Federal Tax:  25%
State Tax:5.75%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$361,234$83,084$1,000,619
2$1,517,185$379,296$87,238$1,050,650
3$1,593,044$398,261$91,600$1,103,183
4$1,672,696$418,174$96,180$1,158,342
5$1,756,331$439,083$100,989$1,216,259
6$1,844,147$461,037$106,038$1,277,072
7$1,936,355$484,089$111,340$1,340,926
8$2,033,173$508,293$116,907$1,407,972
9$2,134,831$533,708$122,753$1,478,371
10$2,241,573$560,393$128,890$1,552,289
11$2,353,651$588,413$135,335$1,629,904
12$2,471,334$617,833$142,102$1,711,399
13$2,594,901$648,725$149,207$1,796,969
14$2,724,646$681,161$156,667$1,886,817
15$2,860,878$715,219$164,500$1,981,158
16$3,003,922$750,980$172,726$2,080,216
17$3,154,118$788,529$181,362$2,184,227
18$3,311,824$827,956$190,430$2,293,438
19$3,477,415$869,354$199,951$2,408,110
20$3,651,286$912,821$209,949$2,528,515
21$3,833,850$958,463$220,446$2,654,941
22$4,025,543$1,006,386$231,469$2,787,688
23$4,226,820$1,056,705$243,042$2,927,073
24$4,438,161$1,109,540$255,194$3,073,426
25$4,660,069$1,165,017$267,954$3,227,098
26$4,893,072$1,223,268$281,352$3,388,452
27$5,137,726$1,284,431$295,419$3,557,875
28$5,394,612$1,348,653$310,190$3,735,769
29$5,664,343$1,416,086$325,700$3,922,557
30$5,947,560$1,486,890$341,985$4,118,685
Total$96,000,000$24,000,000$5,520,000$66,480,000
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