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Mega Millions Annuity Jackpot Analysis for North Dakota (Oct. 16, 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 $667,000,000 would be for a resident of North Dakota, 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 Dakota

Drawing Date:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:2.90%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$291,140$7,338,734
2$10,541,273$2,529,905$305,697$7,705,670
3$11,068,336$2,656,401$320,982$8,090,954
4$11,621,753$2,789,221$337,031$8,495,502
5$12,202,840$2,928,682$353,882$8,920,276
6$12,812,983$3,075,116$371,576$9,366,290
7$13,453,632$3,228,872$390,155$9,834,605
8$14,126,314$3,390,315$409,663$10,326,335
9$14,832,629$3,559,831$430,146$10,842,652
10$15,574,261$3,737,823$451,654$11,384,784
11$16,352,974$3,924,714$474,236$11,954,024
12$17,170,622$4,120,949$497,948$12,551,725
13$18,029,153$4,326,997$522,845$13,179,311
14$18,930,611$4,543,347$548,988$13,838,277
15$19,877,142$4,770,514$576,437$14,530,191
16$20,870,999$5,009,040$605,259$15,256,700
17$21,914,548$5,259,492$635,522$16,019,535
18$23,010,276$5,522,466$667,298$16,820,512
19$24,160,790$5,798,590$700,663$17,661,537
20$25,368,829$6,088,519$735,696$18,544,614
21$26,637,271$6,392,945$772,481$19,471,845
22$27,969,134$6,712,592$811,105$20,445,437
23$29,367,591$7,048,222$851,660$21,467,709
24$30,835,970$7,400,633$894,243$22,541,094
25$32,377,769$7,770,665$938,955$23,668,149
26$33,996,658$8,159,198$985,903$24,851,557
27$35,696,491$8,567,158$1,035,198$26,094,135
28$37,481,315$8,995,516$1,086,958$27,398,841
29$39,355,381$9,445,291$1,141,306$28,768,783
30$41,323,150$9,917,556$1,198,371$30,207,223
Total$667,000,001$160,080,000$19,343,000$487,577,001
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