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Mega Millions Annuity Jackpot Analysis for North Carolina (Jul. 28, 2020 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 $20,000,000 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:5.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$15,804$212,978
2$316,080$75,859$16,594$223,627
3$331,884$79,652$17,424$234,808
4$348,478$83,635$18,295$246,548
5$365,902$87,817$19,210$258,876
6$384,197$92,207$20,170$271,820
7$403,407$96,818$21,179$285,411
8$423,578$101,659$22,238$299,681
9$444,757$106,742$23,350$314,665
10$466,994$112,079$24,517$330,398
11$490,344$117,683$25,743$346,918
12$514,861$123,567$27,030$364,264
13$540,604$129,745$28,382$382,478
14$567,635$136,232$29,801$401,601
15$596,016$143,044$31,291$421,681
16$625,817$150,196$32,855$442,766
17$657,108$157,706$34,498$464,904
18$689,963$165,591$36,223$488,149
19$724,461$173,871$38,034$512,556
20$760,685$182,564$39,936$538,184
21$798,719$191,693$41,933$565,094
22$838,655$201,277$44,029$593,348
23$880,587$211,341$46,231$623,016
24$924,617$221,908$48,542$654,166
25$970,848$233,003$50,970$686,875
26$1,019,390$244,654$53,518$721,218
27$1,070,360$256,886$56,194$757,279
28$1,123,878$269,731$59,004$795,143
29$1,180,071$283,217$61,954$834,901
30$1,239,075$297,378$65,051$876,646
Total$20,000,000$4,800,000$1,050,000$14,150,000
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