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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 $212,000,000 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, Apr 26, 2019
Jackpot:$212,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,190,904$765,817$223,363$2,201,724
2$3,350,449$804,108$234,531$2,311,810
3$3,517,972$844,313$246,258$2,427,401
4$3,693,871$886,529$258,571$2,548,771
5$3,878,564$930,855$271,499$2,676,209
6$4,072,492$977,398$285,074$2,810,020
7$4,276,117$1,026,268$299,328$2,950,521
8$4,489,923$1,077,581$314,295$3,098,047
9$4,714,419$1,131,461$330,009$3,252,949
10$4,950,140$1,188,034$346,510$3,415,596
11$5,197,647$1,247,435$363,835$3,586,376
12$5,457,529$1,309,807$382,027$3,765,695
13$5,730,406$1,375,297$401,128$3,953,980
14$6,016,926$1,444,062$421,185$4,151,679
15$6,317,772$1,516,265$442,244$4,359,263
16$6,633,661$1,592,079$464,356$4,577,226
17$6,965,344$1,671,682$487,574$4,806,087
18$7,313,611$1,755,267$511,953$5,046,392
19$7,679,291$1,843,030$537,550$5,298,711
20$8,063,256$1,935,181$564,428$5,563,647
21$8,466,419$2,031,941$592,649$5,841,829
22$8,889,740$2,133,538$622,282$6,133,920
23$9,334,227$2,240,214$653,396$6,440,617
24$9,800,938$2,352,225$686,066$6,762,647
25$10,290,985$2,469,836$720,369$7,100,780
26$10,805,534$2,593,328$756,387$7,455,819
27$11,345,811$2,722,995$794,207$7,828,610
28$11,913,102$2,859,144$833,917$8,220,040
29$12,508,757$3,002,102$875,613$8,631,042
30$13,134,195$3,152,207$919,394$9,062,594
Total$212,000,000$50,880,000$14,840,000$146,280,000
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