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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 $253,000,000 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:  Tue, Jun 2, 2015
Jackpot:$253,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,808,013$952,003$266,561$2,589,449
2$3,998,414$999,603$279,889$2,718,921
3$4,198,334$1,049,584$293,883$2,854,867
4$4,408,251$1,102,063$308,578$2,997,611
5$4,628,664$1,157,166$324,006$3,147,491
6$4,860,097$1,215,024$340,207$3,304,866
7$5,103,102$1,275,775$357,217$3,470,109
8$5,358,257$1,339,564$375,078$3,643,615
9$5,626,170$1,406,542$393,832$3,825,795
10$5,907,478$1,476,870$413,523$4,017,085
11$6,202,852$1,550,713$434,200$4,217,939
12$6,512,995$1,628,249$455,910$4,428,836
13$6,838,644$1,709,661$478,705$4,650,278
14$7,180,577$1,795,144$502,640$4,882,792
15$7,539,605$1,884,901$527,772$5,126,932
16$7,916,586$1,979,146$554,161$5,383,278
17$8,312,415$2,078,104$581,869$5,652,442
18$8,728,036$2,182,009$610,963$5,935,064
19$9,164,437$2,291,109$641,511$6,231,817
20$9,622,659$2,405,665$673,586$6,543,408
21$10,103,792$2,525,948$707,265$6,870,579
22$10,608,982$2,652,245$742,629$7,214,108
23$11,139,431$2,784,858$779,760$7,574,813
24$11,696,403$2,924,101$818,748$7,953,554
25$12,281,223$3,070,306$859,686$8,351,231
26$12,895,284$3,223,821$902,670$8,768,793
27$13,540,048$3,385,012$947,803$9,207,233
28$14,217,050$3,554,263$995,194$9,667,594
29$14,927,903$3,731,976$1,044,953$10,150,974
30$15,674,298$3,918,575$1,097,201$10,658,523
Total$253,000,001$63,250,000$17,710,000$172,040,000
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