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Mega Millions Annuity Jackpot Analysis for North Carolina (Jul. 31, 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 $22,000,000 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. 31, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$18,209$233,451
2$347,688$83,445$19,119$245,124
3$365,073$87,617$20,075$257,380
4$383,326$91,998$21,079$270,249
5$402,492$96,598$22,133$283,761
6$422,617$101,428$23,240$297,949
7$443,748$106,500$24,402$312,847
8$465,935$111,824$25,622$328,489
9$489,232$117,416$26,903$344,914
10$513,694$123,287$28,248$362,159
11$539,378$129,451$29,660$380,267
12$566,347$135,923$31,143$399,281
13$594,665$142,720$32,701$419,245
14$624,398$149,856$34,336$440,207
15$655,618$157,348$36,052$462,217
16$688,399$165,216$37,855$485,328
17$722,819$173,476$39,748$509,594
18$758,960$182,150$41,735$535,074
19$796,908$191,258$43,822$561,828
20$836,753$200,821$46,013$589,919
21$878,591$210,862$48,314$619,415
22$922,520$221,405$50,729$650,386
23$968,646$232,475$53,266$682,905
24$1,017,078$244,099$55,929$717,050
25$1,067,932$256,304$58,726$752,903
26$1,121,329$269,119$61,662$790,548
27$1,177,395$282,575$64,745$830,076
28$1,236,265$296,704$67,982$871,579
29$1,298,079$311,539$71,381$915,158
30$1,362,982$327,116$74,950$960,916
Total$22,000,000$5,280,000$1,209,780$15,510,220
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