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Mega Millions Annuity Jackpot Analysis for North Carolina (Aug. 4, 2017 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 $323,000,000 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:  Aug. 4, 2017
Jackpot:$323,000,000
Federal Tax:  24%
State Tax:5.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,861,614$1,166,787$267,340$3,427,486
2$5,104,694$1,225,127$280,707$3,598,861
3$5,359,929$1,286,383$294,742$3,778,803
4$5,627,926$1,350,702$309,480$3,967,744
5$5,909,321$1,418,237$324,954$4,166,131
6$6,204,788$1,489,149$341,201$4,374,437
7$6,515,027$1,563,607$358,261$4,593,159
8$6,840,779$1,641,787$376,174$4,822,817
9$7,182,817$1,723,876$394,983$5,063,958
10$7,541,958$1,810,070$414,732$5,317,156
11$7,919,056$1,900,573$435,469$5,583,014
12$8,315,009$1,995,602$457,242$5,862,165
13$8,730,759$2,095,382$480,104$6,155,273
14$9,167,297$2,200,151$504,110$6,463,036
15$9,625,662$2,310,159$529,315$6,786,188
16$10,106,946$2,425,667$555,781$7,125,498
17$10,612,293$2,546,950$583,570$7,481,772
18$11,142,907$2,674,298$612,748$7,855,861
19$11,700,053$2,808,013$643,386$8,248,654
20$12,285,055$2,948,413$675,555$8,661,087
21$12,899,308$3,095,834$709,333$9,094,141
22$13,544,273$3,250,626$744,800$9,548,848
23$14,221,487$3,413,157$782,040$10,026,291
24$14,932,561$3,583,815$821,142$10,527,605
25$15,679,189$3,763,005$862,199$11,053,985
26$16,463,149$3,951,156$905,309$11,606,685
27$17,286,307$4,148,714$950,574$12,187,019
28$18,150,622$4,356,149$998,103$12,796,370
29$19,058,153$4,573,957$1,048,008$13,436,188
30$20,011,061$4,802,655$1,100,408$14,107,998
Total$323,000,001$77,520,000$17,761,770$227,718,230
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