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Mega Millions Annuity Jackpot Analysis for North Carolina (Dec. 21, 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$252,442$3,236,481
2$4,820,222$1,156,853$265,064$3,398,305
3$5,061,233$1,214,696$278,317$3,568,220
4$5,314,295$1,275,431$292,233$3,746,631
5$5,580,009$1,339,202$306,845$3,933,962
6$5,859,010$1,406,162$322,187$4,130,661
7$6,151,961$1,476,471$338,296$4,337,194
8$6,459,559$1,550,294$355,211$4,554,053
9$6,782,537$1,627,809$372,972$4,781,756
10$7,121,663$1,709,199$391,620$5,020,844
11$7,477,747$1,794,659$411,201$5,271,886
12$7,851,634$1,884,392$431,761$5,535,480
13$8,244,216$1,978,612$453,349$5,812,254
14$8,656,426$2,077,542$476,017$6,102,867
15$9,089,248$2,181,419$499,818$6,408,010
16$9,543,710$2,290,490$524,809$6,728,411
17$10,020,895$2,405,015$551,049$7,064,832
18$10,521,940$2,525,266$578,601$7,418,073
19$11,048,037$2,651,529$607,532$7,788,977
20$11,600,439$2,784,105$637,908$8,178,426
21$12,180,461$2,923,311$669,804$8,587,347
22$12,789,484$3,069,476$703,294$9,016,714
23$13,428,958$3,222,950$738,458$9,467,550
24$14,100,406$3,384,097$775,381$9,940,927
25$14,805,427$3,553,302$814,150$10,437,974
26$15,545,698$3,730,968$854,858$10,959,873
27$16,322,983$3,917,516$897,601$11,507,866
28$17,139,132$4,113,392$942,481$12,083,259
29$17,996,089$4,319,061$989,605$12,687,422
30$18,895,893$4,535,014$1,039,085$13,321,794
Total$305,000,001$73,200,000$16,771,950$215,028,050
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