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Mega Millions Annuity Jackpot Analysis for North Carolina (Oct. 26, 2018 Drawing)

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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 $40,000,000 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:  Oct. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$33,107$424,456
2$632,160$151,718$34,762$445,679
3$663,768$159,304$36,501$467,963
4$696,957$167,270$38,326$491,361
5$731,805$175,633$40,242$515,930
6$768,395$184,415$42,254$541,726
7$806,815$193,635$44,367$568,812
8$847,155$203,317$46,585$597,253
9$889,513$213,483$48,914$627,116
10$933,989$224,157$51,360$658,471
11$980,688$235,365$53,928$691,395
12$1,029,722$247,133$56,624$725,965
13$1,081,209$259,490$59,456$762,263
14$1,135,269$272,465$62,428$800,376
15$1,192,032$286,088$65,550$840,395
16$1,251,634$300,392$68,827$882,415
17$1,314,216$315,412$72,269$926,535
18$1,379,927$331,182$75,882$972,862
19$1,448,923$347,742$79,676$1,021,505
20$1,521,369$365,129$83,660$1,072,580
21$1,597,438$383,385$87,843$1,126,209
22$1,677,309$402,554$92,235$1,182,520
23$1,761,175$422,682$96,847$1,241,646
24$1,849,234$443,816$101,689$1,303,728
25$1,941,695$466,007$106,774$1,368,915
26$2,038,780$489,307$112,113$1,437,360
27$2,140,719$513,773$117,718$1,509,228
28$2,247,755$539,461$123,604$1,584,690
29$2,360,143$566,434$129,784$1,663,924
30$2,478,150$594,756$136,273$1,747,120
Total$40,000,000$9,600,000$2,199,600$28,200,400
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