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Mega Millions Annuity Jackpot Analysis for South Carolina

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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 $64,000,000 would be for a resident of South 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:

South Carolina

Drawing Date:  Fri, Aug 28, 2015
Jackpot:$64,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$963,292$240,823$67,430$655,038
2$1,011,456$252,864$70,802$687,790
3$1,062,029$265,507$74,342$722,180
4$1,115,131$278,783$78,059$758,289
5$1,170,887$292,722$81,962$796,203
6$1,229,432$307,358$86,060$836,013
7$1,290,903$322,726$90,363$877,814
8$1,355,448$338,862$94,881$921,705
9$1,423,221$355,805$99,625$967,790
10$1,494,382$373,595$104,607$1,016,180
11$1,569,101$392,275$109,837$1,066,989
12$1,647,556$411,889$115,329$1,120,338
13$1,729,934$432,483$121,095$1,176,355
14$1,816,430$454,108$127,150$1,235,173
15$1,907,252$476,813$133,508$1,296,931
16$2,002,615$500,654$140,183$1,361,778
17$2,102,745$525,686$147,192$1,429,867
18$2,207,883$551,971$154,552$1,501,360
19$2,318,277$579,569$162,279$1,576,428
20$2,434,191$608,548$170,393$1,655,250
21$2,555,900$638,975$178,913$1,738,012
22$2,683,695$670,924$187,859$1,824,913
23$2,817,880$704,470$197,252$1,916,158
24$2,958,774$739,693$207,114$2,011,966
25$3,106,712$776,678$217,470$2,112,564
26$3,262,048$815,512$228,343$2,218,193
27$3,425,151$856,288$239,761$2,329,102
28$3,596,408$899,102$251,749$2,445,557
29$3,776,228$944,057$264,336$2,567,835
30$3,965,040$991,260$277,553$2,696,227
Total$64,000,000$16,000,000$4,480,000$43,520,000
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